Property values in Auckland's super-heated market have risen 33 per cent since 2011 and ratepayers will soon get notices of big hikes.
But Aucklanders should not fear a 33 per cent rate rise. Valuations are only one of the many factors which influence the council's rating plans and revenue gathering.
Aucklanders will find out exactly what their new valuations are in November, with the new rates bill not due until next year.
Peter McKay, Auckland Council's registered valuer, said that the 33 per cent rise was average movement across the region.
"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," said McKay.
"Local value movements will vary due to the type of property, its quality and condition, zoning, views and other factors," he said.
Property owners will get their notices in the mail in mid-November.
But he also warned not to be alarmed about imminent rates increases.
"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. More than 525,000 properties are being revalued in Auckland.
Council valuers worked with Quotable Value and before valuations were finalised. The valuations must also be approved by the Valuer-General, responsible for authorising rating valuations for the Government across New Zealand.
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Do you want your CV to go up because you want to sell your property, or to go down because you don't want a big rates increase? Contact email@example.com