New Zealand

Gold kiwifruit licence added to Gisborne land value

The New Zealand region of Gisborne is the first area to adjust land valuation methods for gold kiwifruit properties to now include the value of the growing licence on the rateable value of the property.

This follows a meeting between the Valuer-General and valuers in August, in which they decided the licence should be included in the Value of Improvements, which requires the "assessment of the value of all work done on or for the benefit of the land". It means all councils with gold kiwifruit would have to reassess their methods.

Some Gisborne kiwifruit growers raised initial concerns about what the change would mean for rates, and whether the licence should be included in land value, but no one would comment until there was better understanding of the implications.

A revaluation of Gisborne's horticulture industry was undertaken as part of a three-year district-wide revaluation for rating purposes, with the adjustment to gold kiwifruit valuations adding $200 million alone.

Source: rnz.co.nz


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