Latest News Masterton District Valuations Posted Next Week The 3-yearly Masterton District revaluation for rating purposes has been completed and property owners will be notified by post from 19 November.  Quotable Value Revaluation Manager, Jonathan Hollows says the total capital value of the 12,150 properties within the district has increased 21% to $5.1 billion.  The corresponding land value has increased 32% to $3.04 billion.    Most property values have increased, in keeping with national trends.  The average value for a residential dwelling is now $255,000, up 21% on 2005 levels while the average value for a section is now $123,000, an increase of 54%.    “The Wairarapa property market went through buoyant times through to late 2007. This was fuelled by a strong local economy and property investors from both inside and outside the district.  Since then demand has tapered off”, he says.  The rural market has the widest range of increases with strong demand for good productive flat land from the dairy industry while the more remote hill country farms have had very little increase due to last seasons record low sheep and beef farm returns. Farm value increases range from 0% to 52% increases.   Lifestyle properties have shown strong growth since 2005 with the average Capital Value increasing 27% to $441,000, while the corresponding Land Value has increased 40% to $239,000  Capital Values for commercial and industrial property have generally increased in the region of 10-40%, with the average increase being 23%.  The increase in the value of properties throughout the district does not translate to an increase in the level of rates, Masterton District Council's Finance Manager, David Paris, says.  "The valuations are used by the Council as a means of dividing up the rates across the district.  The total amount of rates required for the district does not change as a result of the revaluation of the district."  The impact of the new valuation on an individual property's rates will depend on how the property's increase in land and capital values compares to the average increase in land and capital values for that type of property (urban residential, urban commercial or rural).  The impact of the value changes on rates has not been modelled at this stage, as rates will also be subject to any changes in Council rating polices. Any proposed changes in these policies will be consulted on through the Long Term Council Community Plan process next year.  Copies of the valuation roll are now available for inspection at the Masterton District Council offices.  Owners will have until 24 December 2008 to lodge objections to the new values. 11 November 2008