Quotable Value's three-yearly revaluation of the Whakatane district shows strong gains for most sectors, with property capital values increasing by an average of 15.7 per cent.

According to QV rating manager Ben Radich average capital values – the value of land, buildings and other improvements – have recovered from the falls since the 2008 global financial crisis.

In Ben's report to the Whakatane District Council last week, he states capital values now stand about 6 per cent above the previous market peak in 2007, bringing the total district capital value to approximately $8.6 billion.

Amongst the changes highlighted in the report were a 20 per cent average increase in residential capital values, while the CV's of dairy farms had increased by 21.6 per cent.

Lifestyle properties also recorded an average capital value gain of 8.1 per cent, while industrial property CVs increased by 8.4 per cent, pastoral farming properties by 9.5 per cent and commercial properties by 14.3 per cent. Average land values across the district also increased by 17.1 per cent.

A portion of the district's 2017/18 rates calculation will now be based on the new capital values for each property, says a council spokesperson.

'Properties where CVs have increased by more than the district average are therefore likely to see an increase in the rates component based on capital values. Conversely, properties where the CV gain is less than the district average will see a decrease in the capital value-based rates component.

'The valuation changes will not affect targeted rates [such as] uniform annual general charge, sewerage, refuse collection.”

Notices confirming individual property valuations will be posted to property owners on Monday, November 21.

The new values will also be shown on council's Rating Information Database webpage from November 22.

Owners can lodge an objection to their property valuation with council's valuation service provider Quotable Value if they have reason to believe it has been understated or overstated before Friday, January 13, 2017.

Objection forms can also be obtained from any QV office or from the Council Civic Centre in Whakatane and the Murupara service centre.

For more information on what to include in your objection visit Quotable Value's website at: www.ratingvalues.co.nz

2016 OVERALL REVALUATION RESULTS:

Average residential property CV changes varied markedly between communities, ranging from a 13.8 per cent increase in Murupara to a 43.8 per cent gain in Edgecumbe.

2016 RESIDENTIAL PROPERTY VALUES: