Every three years we have to value all properties in the city for rating purposes. Our last revaluation was in 2015 so we’re carrying out a new one this year.
Valuations are conducted by an independent valuation company, Opteon, using mass appraisal techniques. Opteon use 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 at the end of November 2018. The valuations will be based on property market conditions as at 1 July 2018. These values will be used to calculate rates from 1 July 2019.
Sneak peek at the 2018 revaluation estimates
Opteon has been working on the revaluation since January. They have now provided us with high-level estimates of the average increase in capital values (residential properties only) across Tauranga since the 2015 revaluation. We’ve pulled these together in the map below.
The percentages on the map and the areas they apply to are indicative only, as at 1 July 2018. They’re to give you an idea of what your property’s rating value might look like after the 2018 revaluation. Note that the map does not include market movement for sales of vacant land. Vacant land sales will generally be above the average movement for each locality. We will send property owners their individual values at the end of November.
The high-level estimates show increases that vary widely across the city and across property price ranges. If you click on a suburb on the map, you will see the estimated increases for the different property price ranges in that suburb.
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.
Why we revalue properties
Each year, the council’s budget sets out the amount of rates needed to keep Tauranga running. Once the budget is set, we need to work out how much each ratepayer should pay.
Your rates bill is determined by a number of factors. One of these is your property’s value, which we figure out through the revaluation process.
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.
More about property valuations
We have more information on our website about how property valuations work, including how they’re calculated, how you can object to your property’s valuation, and access to property values and sales data across Tauranga.
More information on property valuations
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 if it had been sold on 1 July 2018. However, the Tauranga property market is dynamic, and market values may have changed significantly by the time you receive your property valuations.
Council valuations do not reflect your property’s market value, and should not be used for insurance or mortgage purposes.
Last Reviewed: 27/07/2018