New rating valuations are set to be released next week as property owners receive an updated rating value for their property.
The new rating valuations have been prepared on behalf of the Queenstown Lakes District Council by Quotable Value (QV).
They show the total rateable value of the 29,895 properties within the district is now $57,090,283,000, up 50.8 per cent from four years ago, with the land value of those properties now valued at $35,289,055,000, an increase of 66.9 per cent.
QV’s national revaluation manager Tim Gibson said the new values will not impact too much on rates.
“We have seen the biggest shift in values across the district in many years, so it’s important to remember that a large increase in your rating valuation is unlikely to correlate with an equally large increase in your rates.
"Rating values are just one of a number of factors councils use to allocate rates, and the total amount of rates required for the district does not change because of the revaluation of the district.”
New rating values will be posted to property owners after next Wednesday. The period for any objections runs until May 31.
He said residential properties and vacant land had been in “red-hot demand” since Queenstown Lakes District’s last rating revaluation in 2017, with residential capital values increasing by 50.7% and land values increasing by 68.6% over that time.
