He has owns or has an interest in more than 30 addresses.
Mayor King's properties would be affected by the changes based on the council's preferred option to increase rates, move to capital value rating faster and introduce a $500 uniform annual general charge (UAGC).
The mayor's statement on the issue drew immediate questions from Councillor Angela O'Leary.
"You did not declare a conflict of interest, but you are stepping out of the room," Cr O'Leary said.
Mayor King reiterated that he would be 'playing it safe' and stepping out of the room for the item.
This reply did not ease councillor O'Leary's concerns. She said she was also concerned about protecting the council.
"You have clearly identified a risk, other than stepping out of the room you do need to register an interest or something."
Councillor Dave Macpherson raised a point of order over Cr O'Leary's line of questioning saying conflicts of interest should not be questioned.
"But he is not declaring a conflict," Cr O'Leary said.
Mayor King then again said he would be stepping out of the room for that item before, moving on with the meeting.
The council is yet to reach the capital value rating item on the meeting agenda.