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Revaluation 2018

Every three years we have to value all properties in the city for rating purposes. Our last revaluation was in 2015 so we have carried out a new one this year.

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.

Property owners will receive their new valuation notices starting 28 November 2018. 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 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 is 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 since the 2015 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. See the table below for more detailed impact averages per suburb.

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. The total budget that council needs each year is set through its annual planning process. 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 we receive from other sources.

When we look at the budget during next year’s annual plan we will provide ratepayers with an online calculator. This will give people an estimate of their rates for the following year, based on their new rating valuations and the draft budget for 2019/20.

Here is an overview of the average impact of the revaluation for each suburb, on capital values for residential properties, and on rates. To calculate the impact on rates we assume the total amount of rates collected by council stays the same next year (2019/20) as this year (2018/19):

Location Average capital value change (%) Average new capital value ($) Average impact on rates
Apartments 29% $756,000 -$133
The Lakes 30% $766,000 -$129
Matapihi/Maungatawa 41% $588,000 -$22
Bethlehem 42% $791,000 -$23
Papamoa Hills, Te Tumu 43% $731,000 -$17
Early Papamoa 43% $739,000 -$14
Papamoa Beach/Wairakei 43% $811,000 -$12
Matua 44% $857,000 -$10
Papamoa Beach 45% $668,000 -$2
Tauranga Central 45% $780,000 -$2
Ohauiti 45% $741,000 +$7
Arataki/Royal Palm 47% $796,000 +$13
Pyes Pa/Oropi 48% $714,000 +$7
Welcome Bay 50% $592,000 +$27
Bellevue/Brookfield 50% $590,000 +$30
Greerton/Parkvale 51% $517,000 +$31
Otumoetai 51% $781,000 +$47
Judea 52% $540,000 +$36
Maungatapu 53% $676,000 +$49
Tauranga South 53% $532,000 +$41
Mount Maunganui/Bayfair 54% $814,000 +$65
Hairini/Poike 54% $529,000 +$46
Mount Maunganui Central 56% $1,225,000 +$119
Gate Pa/Greerton 56% $490,000 +$50
Mount Maunganui North 57% $1,332,000 +$142

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

If you feel your new valuation doesn’t reflect the value of your property at 1 July 2018, you can lodge an objection with Council by Friday 25 January 2019. Find out how to make an objection on the back of your notice of valuation or at the link below.

Request a review of your property’s valuation

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.

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 may have changed by the time you receive your new valuation notices.

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


Last Reviewed: 28/11/2018
 

 
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