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Revaluation 2018

Every three years we have to value all properties in the city for rating purposes. We carried out our last revaluation in 2018 so the next one will take place in 2021.

Valuations are conducted by an independent valuation company, Opteon, using mass appraisal techniques. Opteon used recent property sales data, resource/building consent data and sample inspections to establish an updated picture of values across the city.

The valuations are based on property market conditions as at 1 July 2018. These values will be used to calculate rates from 1 July 2019.

Remember: any change in your property’s value through a citywide revaluation does not mean that your rates will increase or decrease by the amount of this change, as property revaluations don’t affect the total amount of rates collected by Tauranga City Council. Instead, they help us work out everyone’s share of rates. More on this below, including a simple video explanation of the revaluation and what it means for rates.

2018 revaluation results

The average citywide increase in capital value for residential properties between 2015 and 2018 was 48%. This reflects the buoyancy of Tauranga’s property market over the past three years. The new average capital value for residential properties in Tauranga is now $730,000. 

The average increase for all rateable properties (including lifestyle, horticulture, commercial and industrial) clocked in at 44%. Lifestyle blocks gained 42%, commercial properties 33% and industrial properties 45%. 

Note that increases vary across suburbs and property price ranges, and there is some variation (sometimes a lot) within each area with pockets of properties behaving differently to the rest.

The map below shows the average increases by suburb between the 2015 revaluation and the 2018 revaluation. Click on the map and select any suburb to view commentary on market trends in the area, and select the image in the pop-up to launch our interactive sales and valuation map with information on individual properties.

Interactive map – trends and valuations

Average increases by suburb

Tauranga Suburb Valuation Averages 2018

What does this mean for my rates?

A 48% valuation increase doesn’t mean a 48% rates increase. Usually only properties that have valuation increases that exceed the average increase for all rateable properties (estimated at 44%) will pay higher rates from 1 July 2019. As an indication, a 48% valuation increase would mean a $20 rates increase, based on the current budget for the city.

But we won’t know for sure until we know what the rating requirement for next year is – the amount of rates needed to keep Tauranga running. Tauranga ratepayers pay rates for Tauranga City Council and for the Bay of Plenty Regional Council. The total budget that each council needs each year is set through their annual planning processes. This total is then divided across all ratepayers using a combination of factors including the rating value of your property. Other factors that help determine how much you pay in rates include the amount of money required to run the city, and how much income each council receives from other sources.

We are preparing the budget (annual plan) for next year – the draft budget goes through public consultation in March/April, and the final budget will be adopted end of June 2019. BOP Regional Council is doing the same. The new values will then be used to calculate rates from 1 July 2019.

Find out more about the proposed TCC budget – draft Annual Plan 2019/20

What if I don’t agree with my new valuation?

Objections for the citywide revaluation 2018 closed end of January 2019 and Opteon will respond to all objections before 1 July 2019. Objections will be reviewed area by area – there is no priority allowed in the order of review of objections.

If you didn’t get your objection in on time, there are other options to request a review of your valuation, if you feel your new valuation doesn’t reflect the value of your property at 1 July 2018.

Request a review of your property’s valuation

Revaluations do not reflect market value

Revaluations are only used to work out rates. Property valuations should reflect the likely selling price of the property, without chattels, if it had been sold on 1 July 2018. However, the Tauranga property market is dynamic, and market values will likely have changed by now.

Council valuations do not reflect your property’s market value, and should not be used for insurance or mortgage purposes.


Last Reviewed: 17/04/2019
 

 
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