GROWTH OF CITY

Southland Times, Issue 24421, 29 April 1941, Page 4

GROWTH OF CITY

NEW HIGH CAPITAL VALUE DOUBLED IN 25 YEARS The capital value of Invercargill has been practically doubled in the last 25 years. Figures released yesterday by the officer in charge of the Valuation Department in Invercargill, Mr M. T. John, show that under the revaluation • undertaken in the city recently the Rew capital value is' approximately B£. per cent, higher than that. fixed in the last financial year of the City Council. Since the last revaluation in 1933, the capital value has been increased by more than £1,700,000. This is probably the direct result of the extensive private and public building which has been undertaken during the last 10 years. The unimproved value has not varied greatly, but it was actually higher in 1916 than in 1933. With the inclusion in the city of areas formerly in the Southland County Council and the borough of South Invercargill, the unimproved value has risen in the last few years. The new valuation shows an increase of 7| per cent, on the previous year. In the following table are given the capital value, the unimproved value, and the value of improvements under the latest revaluation, last year’s figures and those fox- the two previous revaluations:—

Yesterday was the last day for lodging objections to the assessments fixed on properties under the revaluation, but the total number of objections was not known as any letters containing objections and bearing yesterday's postmark will be accepted. It is estimated that the objections will number about 500. There were more than 7000 assessments.

In every case in which the property owner lodges an objection the assessment placed on the property will be reconsidered by the Valuation Department. If the owner is still dissatisfied the matter will be referred to the Assessment Court, but it is probable that agreement will be reached in many cases.

Owners of properties in the Southland county received their assessments about a week ago. The last date for the lodging of objections is May 8.

Year Capital Unimproved Value of Value Value Improvements. £ £ £ 1941 7,498,005 1,832,590 5,665,415 1940 6,908,657 1,696,274 5,212,383 1933 5,725,975 1,663,375 4,062,600 1916 3,819,570 1,712,172 2,107,398