Preliminary capital values of Tasman’s horticultural properties might soar up to 50% next year, in part due to a Court of Appeal decision allowing gold kiwifruit licenses to be included in the District Valuation Roll. In July, the Court of Appeal agreed the value of gold kiwifruit licenses could be included in property values in Gisborne, after a long-running battle between growers and the Gisborne District Council.
Licence costs from Zespri Group Ltd for the higher priced G3 gold kiwifruit can amount to hundreds of thousands of dollars per hectare. Quotable Value, the council’s valuers, indicated preliminary capital value increases of 30-35% for dairying, 45-50% for horticultural properties on the Waimea Plains, 20-30% for pastoral, and 25-30% for forestry.
For residential properties, the capital value increases were given as 15-25% for Waimea, 10-18% for Motueka, 5-12% for Richmond, and 22-30% for Golden Bay.
Source: stuff.co.nz