NEW VALUATION LOWERS BOROUGH RATE IN POUND

Bay of Plenty Beacon, Volume 15, Issue 42, 10 May 1950, Page 5

NEW VALUATION LOWERS BOROUGH RATE IN POUND

Although the exact rate for the coming financial year has yet to be fixed on the new revaluation of Whakatane Borough properties present indications are that the rate in the pound is going to be less. While the value of many properties has been raised considerably the town clerk, Mr L. D. Lovelock, said yesterday that it was not expected that there would be a very great change in rates over, the borough generally. On the old property valuations last year’s rate was Is 7-ld in the pound. If the same valuations were used for this coming financial year the rates would have increased by 2fd to cover interest and principal payments on the water loan of £25,000. This would make a total rate of Is lOgd. But, said Mr Lovelock, the new revaluations had altered that. On the old valuations a Id in the pound produced £550 but with the new revaluations a Id in the po:md now produced £I,OOO. “That means,” Mr Lovelock pointed out, “that the value of a penny had ben "doubled and consequently the rate in the pound can be low ered.

“During-the coming year it has been estimated that the Council will require a total revenue of £II,OOO so that, providing the new values are not reduced because of objections, the rate in the pound on the new unimproved value for the current financial year should be somewhere about lid in the pound, just about half that of last year,” the town clerk declared. This news was received with some pleasure by the monthly meeting of the Whakatane Borough Council. Previously rates had been unevenly distributed in the boxough because of the inconsistency of property values. The new valuations have levelled off the values. Some properties have increased very steeply in value while others have barely changed. • The valuation roll has yet to be fully examined by the Council before the new rates are struck.