HIGHER RATES.

Taranaki Daily News, 18 March 1922, Page 4

HIGHER RATES.

BOROUGH VALUATIONS, THE NEW ROLLS. BIG INCREASE SHOWN. The rolls dealing with tne recent revaluation of the borough of New Plymouth have been received by the council. The general manager, in recording this fact in his monthly report, states lhat the rolls are subject to any alterations which may be made by the Assessment Court, or by the Valuation Department. The totals of the valu-ations-are: — Capital value, including properties exempt from rating: New valuation £3,501,515, old valuation £2,255,380; increase £1,246,135. Capital value, excluding properties exempt from rates: new valuation £3,170,540, old valuation £2,051,815; increase £1,118,726. Unimproved value, including properties exempt from rating: new valuation £1,710,919. old valuation £l.333,084; increase £377,835. Unimproved value, excluding properties exempt from rating: New valuation £1,559,930, old valuation £lr 215,093; increase £344,837. Unimproved value original borough, exclusive of properties exempt from rating: New valuation £1,052,453, old valuation £883,345; increase £169,108. Unimproved value merged areas, exclusive of properties exempt from rating: New valuation £507,477, old valuation £331,748; increase £175,729. The report continues: “From the above it will- be seen that the greater proportion of the increase has been in • the merged areas. This was expected, the new valuation being the first made since the installation of the tramways in 1914. Dealing with the unimproved rateable value it will be seen, that in the area of the original borough the ■ increase was approximately 19 per cent., \ whilst in the merged areas, the increase was approximately 53 per cent. “The effect of thia readjustment o£ values will jbe that, the outer areas will pay a greater proportion of the total iatea collected than they have done in the past; land this will naturally mean an increase in the rates of each in- • dividual ratepayer in those areas. The rates in these areas will be further increased by the fact that inteest and other charges on the £142,000 loan, to be raised to repay loans expiring in October next, will be met by a rate over the whole borough, whereas previously the area of the original borough only was rated to provide the interest and other charges on the expiring loans referred to. In the original area also there will necessarily be an increase in the rates paid by the individual ratepayer. This is due to the fact that the expiring loans carried no- sinking fund and were raised at a low rate of interest, the average rate per cent, being 4.575 per cent. Tho £142,000 repayment loan carries a sinking fund of one per eent. and the interest charges will probably not be lees than 6 per cent., making a total of 7£ per cent, as against 4.575 per cent, previously paid. I However, the question of rates Wil) be more fully dealt with as soon as I have the necessary information to enable me to submit the draft annual estimates for next year.”