Council uses ‘net annual value’ as the basis of valuation of all properties within the municipal district. The net annual value of a property approximates the annual net rental for a commercial property and five per cent of the capital improved value for a residential property.
The valuation base used to calculate general rates for 2015-16 was $5.443 million (2014-15 $5.206 million).
The date of the latest general valuation of land for rating purposes within the municipal district was 1 January 2014 and the valuation first applied to the rating period commencing 1 July 2014. The valuation for rating purposes is performed on a two year cycle.