Auckland Property Valuations Coming In October

Posted by on Jun 02, 2011 | Leave a Comment

ScreenHunter_05 Jun. 16 13.52

In October, property owners in Auckland will receive their first rating valuation from Auckland Council.

Some 500,000 properties will be valued as part of the valuation process, bringing all former council areas into one valuation cycle. This makes this revaluation around three times larger than any previous revaluation.

Rating valuations are used to work out who pays what portion of the region’s total rates. These values will be used to calculate rates for three years from 1 July 2012.

Auckland Council’s valuations manager Pete McKay says that some trends have already come through in the data collected.

At this early stage, market trends indicate that residential property values are still, on average, below the peak of the market between late 2007 and early 2008. Indications are that value movements are likely to be in the +/- 10 per cent range for most residential properties.

The capital values (land value plus any improvements) produced by the general revaluation will be used for rating purposes from 2012, rather than the land value or annual value, which some of the former Auckland councils used.

Pete McKay says that councils are required to revalue properties every three years but that some properties in the Auckland area would have been valued more recently.

Former territorial

authority

Last general revaluation

Next general revaluation

Rodney District Council

1.09.2007

1.7.2011

North Shore City Council

1.09.2008

1.7.2011

Auckland City Council

1.07.2008

1.7.2011

Manukau City Council

1.09.2008

1.7.2011

Waitakere City Council

1.09.2007

1.7.2011

Papakura District Council

1.09.2009

1.7.2011

Franklin District (Northern portion)

1.07.2009

1.7.2011

The effective date of the rating valuations will be 1 July 2011.  The valuations will be used to calculate rates from 1 July 2012.

Property owners can expect to receive their rating valuation notice at the end of October.  There will be an opportunity to object to the valuation on the grounds that the valuation is perceived to be incorrect rather than due to any potential rating impact.

Auckland Council is undertaking the revaluation with the assistance of Quotable Value (QV).

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