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Selwyn property rating revaluations released

Thursday, February 3, 2022   Posted in: Signatory Notice Board By: Administrator With tags: housing

Selwyn District Council media release: 2nd February 2022

Updated rateable values for Selwyn properties are now available.

The revaluation was carried out by Quotable Value (QV) on behalf of Selwyn District Council and showed that there has been a 33.7 percent average increase in capital values in Selwyn since the previous valuation in 2018. The valuations are an estimate of the likely price that would have been paid for the property on 1st September 2021.

The new valuations will be available for viewing from 2nd February 2022 online. Property owners should receive a letter with their updated property valuation by mid-February.

The new values will be used for calculating rates from 1st July 2022. Most property owners will find that the capital value of their property has increased, however this does not mean their rates will also significantly increase.

Where a property value has increased more than the average increase in capital value (33.7%) a property owner can expect a slightly higher than average increase in their rates from 1st July 2022, while property owners whose capital value increase was less than the average for Selwyn can expect a slightly lower than average increase in their rates.

The Council sets rates on 1st July each year based on the amount of income it needs to provide services for residents.

For most residential properties in Selwyn, only around a quarter of their rates bill is based on the capital value of their property, with the balance of the rates set as a fixed amount per property based on the available services.

Get more information on rates in the Selwyn District.

The large rise in capital value reflects the popularity of Selwyn and the Selwyn property market in recent years. The Selwyn district continues to be an attractive place to live and work, to do business and to raise a family as can be seen in the significant population growth since the last general revaluation in 2018.

This revaluation has seen residential (dwellings, flats and vacant residential land) capital value increase on average by 47.6 percent, while lifestyle properties increased on average by 34.6% and dairy and pastoral properties increased on average by 12.5 percent.

Residential dwelling capital value changes varied across the largest towns – with average values increasing by 44.1 percent in Rolleston, 31.3 percent in Lincoln, 46.6 percent in Prebbleton, and 31.4 percent in Darfield. Other townships showed similar increases, with Leeston increasing by 37.2 percent, West Melton 44.7 percent, Tai Tapu 31.1 percent and Southbridge 26.3 percent. Residential values in the rural areas of Malvern increased by 41.3 percent and Ellesmere 35.6 percent.

Property owners can object to their valuation. Objections must be lodged with QV by Thursday 17th March 2022.

Information on how to make an objection can be found online or in the letter to property owners.