New Tauranga property valuations now available online will be used to calculate the city's rates from July 1, 2022.

In a statement released this morning, Tauranga City Council says the rates will be calculated once the council budget for 2022/23 has been set through the annual plan process.

'Every three years councils must revalue all properties in their localities for rating purposes,” says a council spokesperson.

'Tauranga's 2021 revaluation has been completed by independent valuation company Opteon, and new valuation notices are being sent to homeowners this week and the next.”

Council says the new capital values reflect what each property might have sold for on July 1, 2021, excluding chattels.

'Opteon establishes these values using mass appraisal techniques – recent property sales data, resource/building consent data and sample inspections.”

High-level results

The average citywide increase in capital value for residential properties between 2018 and 2021 is 50 per cent, says Tauranga City Council.

The average increase for all rateable properties (including residential, lifestyle, horticulture, commercial and industrial) comes in at 49 per cent.

Lifestyle blocks gained 51 per cent, commercial properties 33 per cent and industrial properties 70 per cent.

More information and results by suburb are available at www.tauranga.govt.nz/revaluation

'A 50 per cent valuation increase doesn't mean 50 per cent rates increase.

'Usually, only properties that have valuation increases that exceed the average increase for all rateable properties (estimated at 49 per cent) will pay a higher proportion of rates from July 1, 2022.”

Objecting to a valuation
If property owners feel their new valuation doesn't reflect the value of their property at 1 July 1, 2021, they can lodge an objection online at www.tauranga.govt.nz/revaluation, via email or post.

The cut-off date for objections is Friday, March 25, 2022.

Opteon will review all objections and evidence by June 30, 2022, working area by area.

'Remember that rating valuations do not reflect a property's current market value, and are only used to work out rates,” says a council spokesperson.

'They should not be used for insurance or mortgage purposes.”
Key dates

-Electronic valuation notices to be sent February 10-11 (via email to those signed up)

-Paper valuation notices to be sent from February 14 (via post)

-Objection period closes Friday, March 25, 2022

-New valuations used to calculate property owners' share of rates from July 1, 2022