Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


Property valuations increase by 13.1%


6 November 2002

Property valuations increase by 13.1%

Auckland City’s property values have gone up 13.1% in the past three years.

Auckland City has completed the triennial assessment of the land, capital and annual values of each property as at 1 September 2002.

“The 2002 revaluation reveals an average capital value increase for Auckland City properties of 13.1% on the 1999 figures. The total capital value of Auckland City has increased from $62.3 billion in 1999 to $70.4 billion in 2002,” Auckland City Director of Finance David Rankin said today.

The biggest gains were experienced by the islands in the Hauraki Gulf, especially Waiheke and Great Barrier, which increased between 35.7% and 52.6%. The CBD western area had the only decrease, down 5.12%.

Capital value is the probable price that would have been paid for the land and buildings on 1 September this year – it does not include chattels or trees.

Land value is the assessment of the value of the land without any buildings or other improvements.

The annual value is based on how much the property could be rented for in one year, less 20% (or less 10% if there are no buildings on the land), or 5% of the property’s estimated capital value, whichever is the greatest.

The average movements by rating category have been:
Residential: Capital Value +16.5%; Land Value +17.4%; Annual Value +14.4%
CBD Non-Residential: Capital Value +1.0%; Land Value -1.6%; Annual Value +4.9%
Non-Residential: Capital Value +9.2%; Land Value +11.4%; Annual Value +9.4%

“The annual plan consultation process in May each year determines how much money the Council needs to run the city. The Council will then use the new annual values to help it set rates from July 2003. Properties that experience an increase in annual value greater than the average are more than likely to pay higher rates,” Mr Rankin said.

The new property values have been audited by the Valuer General and valuation notices will be posted to property owners from 11 November 2002.

Ratepayers have until 18 December 2002 to check the 2002 District Valuation Roll free of charge. They may object to their valuations, provided the objection is based on information other than any effect the new values may have on a property’s rates.

Objectors will receive a written response from Council in 2003. Owners who are still not satisfied with the Council’s response may then choose to have their objection heard by the Land Valuation Tribunal.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news