Hamilton property owners will soon be able to view their updated property values online, following the completion of the city’s 2024 property revaluation.
Between 2021 and 2024, average residential property values in Hamilton decreased by 12%, whereas commercial and industrial property saw an increase of 6.3% collectively.
The citywide revaluation process is undertaken every three years and updated values are then used by Hamilton City Council to calculate rates for individual properties, said Financial Support Services Manager, Matthew Bell.
“A revaluation doesn’t change the total amount of rates that Council requires to run the city, it provides us with updated information to ensure rates are allocated consistently across all properties.
“The new valuations are based on a snapshot in time, being 1 September 2024. The market is constantly changing, therefore the new values may not necessarily reflect the property market today.”
Why values have changed
The revaluations reflect a broader market change following steep increases seen during 2021.
The Hamilton residential market saw exponential amounts of growth between the 2018 and 2021 revaluations, with rapid increases seen throughout the second half of 2021.
By contrast, the average decrease in Hamilton’s new property valuations in 2024 reflects trends observed in other parts of the country, including Wellington and Auckland.
What this means for your rates
The revaluations help determine how rates are distributed across the community for the next three years, from 1 July 2025.
“While many residential property values have decreased since the 2021 peak, unfortunately this doesn’t necessarily mean rates for those properties will go down. Council doesn’t collect more or less money when values change, as the costs to provide our services to the city remain the same. A revaluation may mean a redistribution of rates based on how your property value has changed when compared to others,” said Bell.
Council’s Long-Term Plan set an average rates increase of 15.5% for 2025/26. For most residential properties, the change to their rates will be close to the average 15.5% increase.
The updated valuations will be available to view on the Council website from tomorrow. Rates information for the 2025/26 rating period, which will use the new values, will be available from next week.
“If your property’s valuation decreases more than the citywide average, your rates increase will be smaller, whereas if it doesn’t drop as much, or increases, you may see a larger rates increase,” said Bell.
To help residents manage their payments, Council encourages signing up to Payble – a flexible online platform for paying rates. Council is also one of the few in New Zealand to offer an additional rates rebate on top of the Government’s scheme, providing extra support for low-income households.
Those who disagree with their new valuation will have the opportunity to lodge an objection by 8 August 2025. Further information about this process will be included as part of the information pack sent to property owners.