1 Nov 2012

Moeraki land values halve in latest assessment

9:23 am on 1 November 2012

Some residents in the coastal Otago village of Moeraki plan to fight the latest rating assessments which have resulted in their land values being halved.

Quotable Value has cut its valuation of land in the settlement, 30km south of Oamaru, by between 45% and 50% per cent because of land instability.

Local businessman Barry Johnson, who owns the Moeraki Tavern and two other properties, says he was shocked to learn of the drastic drop in value and he will appeal against the new ratings value.

While he plans to fight the assessment, other residents say they will be happy if it means some relief from rates increases.

Waitaki District mayor Alex Familton says the cut may be an over-reaction to the Christchurch earthquakes.

He says lower ratings values will mean lower rates, but otherwise won't make much difference to Moeraki residents.

One of the coastal settlement's most well-known residents, Fleur Sullivan, owner of award-winning eatery Fleur's Place, says land prices were inflated and are now returning to where they should be.

She says the drop doesn't worry her because she doesn't plan on moving but concedes it's tough on those who bought at the peak of the market.