New Auckland Property values
28 November 2017
Property owners will have watched with interest as the new Auckland property valuations became available online last week. As reported elsewhere these showed a wide variation in valuation increases across the region. The variations reflect recent sales and the demand for property in different parts of Auckland. There will be some anomalies in the valuations, and no doubt a few strange results.
As noted in the valuation notices, the changes in the valuations do not in themselves result in a change in rates. If all properties increased by the same percentage and Council spent the same amount of money next year, then there would not be any rate rises.
If the Council spends the same amount of money next year, then the result of the differences in the percentage increases in the property valuations, is that some property owners would pay more rates, while others would pay less.
Changes in the rate burden can also occur as a result of changes in targeted rates in certain areas.
In summary, with all things being equal, if your valuation percentage increase equals the average increase, then you should not pay more rates. If your valuation percentage increase is more than the average, expect to pay more rates next year.