PMG Opposes TCC Rates Differential

In late December 2017, the Tauranga City Council voted to approve two changes to the way rates are levied on commercial and industrial ratepayers in the city.
The Council’s proposal includes the introduction of a rates differential between commercial and residential properties over the next three years.
If ratified by the Council, it will result in the increase of rates for commercial, industrial and retail properties located in the Tauranga area (including suburban areas).

For some commercial properties it may mean a 60% increase in rates by 2021.

At PMG we’re invested in creating value for people in property. We are supportive of an equitable tax collection across business and residential ratepayers. We believe this proposed increase disproportionately burdens businesses and commercial property owners and is not acceptable. We favour a targeted rating system where those who pay receive the benefit; this works well in many other regions such as the Waikato.

PMG is the manager of a number of properties and looks after over 100 tenants in the Tauranga region. We take this role very seriously and pride ourselves on working in support of local businesses (our tenants), to help them thrive. Hence, on behalf of our property owners, investors, and tenants, PMG is formally opposing this increase.

PMG is working closely with the Tauranga Chamber of Commerce and the Property Council of NZ to develop a united response to the Council’s plans including engaging in meetings with the Council.

As many of you know, the proposal for a rates differential is not a new concept. The Property Council (formerly BOMA) successfully fought against a similar proposal in Tauranga 15-20 years ago. Other New Zealand cities currently have differential rates but are in the process of reducing or removing it due to the inequitable burden it places on businesses.

PMG is in the process of preparing a public submission which it will submit to the Council in March.

We will be reaching out to a number of you, our property owners and tenants, for input into the submission in February.
If you have any concerns or questions regarding this, please contact us directly. For property owners, investors or landlords please contact Scott McKenzie. For tenants please contact Brian Berry – both are available on 07 578 3494.

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Matt McHardy
Matt McHardy

Head of Investor Relationships – Central and Lower North Island

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Jordan Forrest
Jordan Forrest

Investor Relationships Manager – South Island

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Rory Diver
Rory Diver

Investor Relationships Manager – Waikato, Auckland and Northland

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Lorena Zanesco
Lorena Zanesco

Investor Relationships Associate - Tauranga

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Melanie Lowe
Melanie Lowe

Investor Relationships Support - Tauranga

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4 steps to investing with pmg

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1. Reach out

To start investing with PMG, register your contact details via phone or email. Alternatively, make an enquiry via our contact form and we’ll have someone from our Investment Relationships Team meet you.

Watch PMG’s history video to learn more about our approach to commercial property investments, along with the five funds within the company. We encourage you to speak with a friend or family member who knows us, and we also recommend you chat with a financial adviser for specific advice to suit your unique situation.

Look through our current investment offers to find the right PMG fund to suit you. After downloading, carefully review the associated Product Disclosure Statement(s) for the offer(s) you’re interested in. Investing with us is straightforward – either apply online using our secure and confidential investor portal, via the printable form on each fund page, or reach out to your local PMG office to fill out the relevant paperwork.

Our lines of communication are always open. If you have any questions, reach out to your local PMG Investor Relationships Manager. Whether it’s a general catch up or discussion around the latest developments with your investment, we’re here to help.