MIL OSI – Source: Auckland Council – Press Release/Statement
Headline: Auckland’s property revaluation reveals average 33 per cent increase
Auckland’s three-yearly general property revaluation is well underway, with indicative data showing significant value movements across the region.
A report is going to Thursday’s Finance and Performance Committee.
Finance and Performance Committee open agenda (PDF 830KB)
Auckland Council’s Registered Valuer Peter McKay says: “At this stage we are looking at an upward movement for the Auckland region of an average 33 per cent since the last revaluation in 2011, which is broadly in line with expectations.
“Local board areas with the largest movements – of over 40 per cent – are Kaipatiki, Maungakiekie-Tamaki, Puketapapa and Whau, reflecting a general value increase in the more central suburbs.”
“Average movements within the remaining local boards (excluding the Hauraki Gulf islands) range between 22 per cent and 44 per cent, with the larger movements generally due to proximity to central Auckland, with lower increases found in outer suburban and rural areas.”
“Local value movements will vary due to the type of property, its quality and condition, zoning, views and other factors.”
Property owners receive their notices in the mail in mid-November 2014.
“It’s very important to remember that Auckland’s property revaluation doesn’t determine the total amount of rates collected by the council – rather it helps determine 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 1 July 2014. Its new value will be used to help set rates for the three year rating period beginning next year, 1 July 2015.”
All councils are required by law to revalue every property in their region every three years. Over 525,000 properties are being revalued in Auckland.
Council’s team of experienced, qualified valuers work closely with independent organisation Quotable Value Ltd. Before valuations are finalised, they have to be approved by the Valuer-General, who’s responsible for authorising rating valuations for the Government across New Zealand.
See a map of the region with local board valuation changes and commentary in this document:
Average indicative residential values movements by Local Board (PDF 939KB)
For media assistance, please call Glyn Walters on 021 278 6858.
Revaluation 2014 fact sheet (PDF 63KB)