Auckland council property valuations in July

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Auckland Council is getting ready to carry out property valuations across the region.

The valuations occur every three years with the last one carried out in 2011.

That was the first region-wide revaluation after the amalgamation of the region's eight former councils.

Auckland Council will use the capital value of your property, established by experts at the date of valuation on 1 July 2014, to help set household rates for the year beginning 1 July 2015.

Council rating valuations are one component which help determine what portion of the region's total rates each household will pay.

Rates are levied on capital value and have been since 1 July 2012.

A change in a property's capital value does not automatically mean that rates will increase or decrease because of that change.

The capital value is the probable price that would have been paid for a property at the date of valuation on 1 July 2014.

Its market value is the probable price that would have been paid for the property at any given date, depending on market factors.

The Valuer-General audits the rating valuations to ensure the values and processes undertaken meet the standards set out in the rating valuation rules, and to ensure it meets all legal requirements.

The Valuer-General's approval is required before the values can be published and used for rating purposes.

Each year, the council determines, through the annual plan process, how much money needs to be collected through rates to fund its activities and services for the year.

This rates requirement is then divided between all the properties in the region based on council's rating policies.

Auckland Council is currently developing the draft Long-term Plan 2015-2025, which will include rating policies.