Demand for land for housing has seen Palmerston North values almost double in three years. Residential land values have gone up 95 per cent in Palmerston North, but do not panic, that does not mean city council rates will double. Industrial property values were up 44.7 per cent, with the land values up 60 per cent. The city council rates are set depending on relative land values. “Instead, rates will be spread amongst ratepayers in slightly different proportions than before.”Because residential land values had gone ahead faster than those for other types of land, residential properties were likely to pay a larger share of total rates than at present.

Source: Stuff November 24, 2021 15:45 UTC