Overall, the average residential adjustment was down 1.28 per cent - nearly $10,000 off the value of a median-priced Auckland home.
A handful of objections remain "under action", and about 90 homeowners are taking their objection to the Land Valuation Tribunal.
Auckland Ratepayers' Alliance spokeswoman Carmel Claridge said the fact that 70 per cent of those challenging their valuations resulted in change suggested that the council was not applying the valuations methodology correctly.
A higher CV was only desirable if people wanted to borrow against their house and were planning to sell.
"Your house is not just an economic commodity. It's also a home.
"Many of our members are not on high incomes but maybe in homes that have escalated in value.
"But they're not necessarily wanting to realise that value and they're facing quite extreme hardship in meeting an extra 20 per cent on their rates bill."
Real Estate Institute chief executive Colleen Milne said council-appraised CVs were often sight unseen desktop estimates. They were at best a "signpost" as to a property's true market value.
"They used to be quite significant but I think in today's market, particularly in Auckland, it's definitely not so relevant."
Soaring house price inflation was driven by supply and demand.
As prices rose in central city areas, price growth was now being pushed further out.
"We are seeing really strong movement in areas like Papakura, Pukekohe and areas out west."
Auckland Council principal valuer Peter McKay defended the revaluations process as "sound and robust". The rate of objections had fallen last year to just 1.8 per cent of the total number of assessed properties.
However, mistakes could occur, particularly if a property had internal improvements that could not be picked up without a physical inspection.
He also said the revaluations were specifically for rating purposes, not a measure of market value.
Challenge drops rates by $500
A Mt Eden villa owner who successfully challenged his property's revaluation says he has saved about $500 in annual rates.
The self-employed man lives in a century-old three-bedroom house that "needs a lot of work".
It was valued at $870,000 in 2011. But he was shocked last year when his Auckland Council revaluation notice said the CV had jumped to $1.44 million - an increase of 65 per cent.
The homeowner objected to the valuation on the grounds it was well above market value for the street, and even had a local real estate agent write a letter to bolster his case. The CV fell to $1.32 million as a result, knocking about $120,000 off the initial council estimate.
He said his rates bill had fallen by about $500 following the readjustment, though he was still paying nearly $4000 a year.
"I'm concerned that our street has been overvalued. We pay heaps of rates and I don't see any evidence of it in my street. We get dodgy footpaths - we don't get marble kerb stones for that price."
The man said he intended to live in the house long term and was not looking to sell up and cash in on his paper-based wealth.
The downward adjustment on his CV suggested the council was overvaluing Auckland properties, he said.
"Let's say the bubble bursts and house prices drop. Will we pay less rates?"
Auckland property values
•34 per cent - average valuation increase on Auckland Council properties from 2011 to 2014
•10,079 objections from owners
•10,065 objections completed
•3997 valuations down
•3159 valuations up
•2909 no change
-1.28% average residential change
