Values increase by a third
Auckland property owners can expect their property values to increase by an average 33% when they receive notices from the council in November.
Tuesday, August 19th 2014, 12:00AM
by The Landlord
Properties are revalued every three years, for rating purposes.
Auckland Council’s registered valuer Peter McKay said: “At this stage we are looking at an upward movement for the Auckland region of an average 33% since the last revaluation in 2011, which is broadly in line with expectations.”
The local board areas with the biggest value movements were in the central city - Kaipatiki, Maungakiekie-Tamaki, Puketapapa and Whau, he said. They had increases of more than 40%.
“Average movements within the remaining local boards, excluding the Hauraki Gulf islands, range between 22% and 44%, with the larger movements generally due to proximity to central Auckland, with lower increases found in outer suburban and rural areas,” McKay said.
“Local value movements will vary due to the type of property, its quality and condition, zoning, views and other factors.”
McKay said Auckland’s property revaluation did not determine the total amount of rates collected by the council – but determined each ratepayer’s share of rates.
“The revaluation exercise is used by the council to determine the allocation of rates, and doesn’t affect the overall amount of rates collection. Capital value, or CV, used as the rating valuation, is the likely price the property would have sold for on July 1, 2014. Its new value will be used to help set rates for the three year rating period beginning next year, July 1, 2015.”
| « Sentiment falls to seven-year low | QV: Price rise slowdown continues » |
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