The valuations are a massive source of fascination for property-mad Aucklanders. Photo / Alex Burton
The valuations are a massive source of fascination for property-mad Aucklanders. Photo / Alex Burton
Aucklanders are expected to receive new property valuations in the week of June 9 to June 13.
The valuations, affecting 630,000 properties, will be used to set rates with a proposed 5.8% rise.
Ratepayers can object to their valuations, potentially altering their rates after July 1.
Aucklanders can expect to receive their long-awaited new property valuations early next month.
The council today said it expects to deliver the new valuations, commonly known as capital values (CVs), in the week of June 9 to June 13.
The CVs are a massive source of fascination for property-mad Aucklanders when it comes to buying and selling homes, and involve the council estimating the value of every residential and commercial property in the region.
Auckland Council head of rates, revaluations and data management Rhonwen Heath said the council and its valuation providers have undertaken a rigorous process, revaluing 630,000 properties to update CVs by analysing data such as local sales, location, and other property factors.
The news CVs will be used to set rates from July 1. Photo / Michael Craig
She said the Valuer-General had requested a few areas for final review, but the council was confident that final sign-off would be achieved before June 9.
“We believe the thoroughness of this work will give Aucklanders confidence that the revaluation process is robust. It means ratepayers receive rates that are fairly calculated,” Heath said.
The new CVs will be used to set rates, signalled by the council for a 5.8% rise, from July 1.
The new valuations were set as of May 1 last year, but their release has been pushed back from late last year to May of this year, and now early June.
Thousands of Auckland ratepayers could find their rates chopping and changing this year because of the late release of the valuations.
This is because many ratepayers will object to their new values past July 1, leading to ratepayers paying the rates struck on July 1 and higher or lower rates if their objection to the council is successful.
At the last revelation in 2021, more than 9000 objections were made to the council.
At the time of the new valuations on May 1 last year, OneRoof figures show Auckland’s average property value was $1.31m. This is marginally less than the average property value of $1.37m when Auckland CVs were last taken in June 2021.
The CVs will be set right across Auckland. Photo / Martin Sykes
Between the two sets of CVs, average Auckland property prices peaked at $1.58m in January 2022 and fell to 2021 levels by the latest valuations in May last year, according to OneRoof figures.
This would indicate little change between the 2021 and 2024 CVs.
The revaluation exercise does not change the total amount of rates revenue the council collects, but helps distribute rates fairly between ratepayers.
Under an allocation mechanism, properties whose value has risen by more than the overall average increase or decrease will pay more in rates than the general rates increase this year, proposed to be 5.8%.
The opposite is true for valuations below the overall average. Their rates will fall relative to the general rate increase.
Sign up to The Daily H, a free newsletter curated by our editors and delivered straight to your inbox every weekday.
