ALL property owners in Invercargill and Bluff will soon receive an updated rating value for their property.
The 2017 Notice of Rating Valuation is a result of the triennial rating revaluation being carried out by Quotable Value (QV) on behalf of the Invercargill City Council. The updated rating values, once finalised, are used as one factor to help the council set rates for the three years from 2018.
A Rating Valuation is the estimated price a property would sell for at the effective date of the rating revaluation, which is July 1, 2017, but it does not include chattels (movable personal items such as curtains and appliances).
Since the last rating revaluation as at July 1, 2014, property values throughout the region have increased by 13.4 percent.
Residential values overall are now on average more than 18 percent higher than they were three years ago, with residential land values on average more than 21 percent higher than they were three years ago.
The farming sector has seen limited growth, with a 2.1 percent value increase overall and 1.6 percent growth in the land value.
Lifestyle properties have seen an 11.4 percent overall increase in values with a 4.4 percent increase in land values.
The average residential dwelling within Invercargill City is now valued at $254,000, up from the average of about $210,000 in 2014.