[Via Scoop]

The 2016 rating revaluation shows the overall value of Christchurch property has risen by 9.2 per cent since the last general revaluation in 2013.

Christchurch City Council contracted independent valuer Quotable Value (QV) to carry out the revaluation of 167,857 city and Banks Peninsula properties this year. Councils must undertake a general rating revaluation of all properties every three years so rates are spread fairly.

Rating Values, (also called Capital Values) are used to work out who pays what portion of the City’s total rates. The new rating values reflect a property’s estimated market value (less chattels) as at 1 August 2016 and will apply to rates from 1 July 2017.

Residential property has risen 7.3 per cent. Average rating values are now at $529,000 for houses and $265,000 for residential sections. Suburbs showing the highest increase in values are Somerfield, Spreydon, Upper Riccarton, Sockburn and Fendalton.

– via Scoop

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