The land value of Invercargill properties has increased significantly since the last rating valuation three years ago, and was a "highly satisfactory result", a senior council staffer said.
Completed by Quotable Value and to be released on October 29, the valuations show the average capital value for all properties had increased from $206,000 three years ago, to $290,000.
"In general, this is a highly satisfactory result for the city which reflects the continuing level of economic activity in the south," environmental and planning services director William Watt said.
The increase was driven by dairy conversions and industrial development.
The total capital value of the 25,193 properties in the city district had increased from $5.1 billion three years ago, to more than $7.3 billion.
Capital value had increased 41%, residential properties increasing 39%, commercial 49.7%, and industrial 51.7%.
Land value had increased 98% since the last valuation, he said.
The new values will form the basis for apportioning rates for the next three years, with the annual plan showing total rates for 2008-09 to be $40.5 million, an increase of 5.7% on 2007-08.
