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

Gordon Campbell: on the inquiry into the abuse of children in care

Apparently, PM Jacinda Ardern has chosen to exclude faith-based institutions from the government’s promised inquiry into the abuse of children in state care.

Any role for religious institutions – eg the Catholic Church – would be only to observe and to learn from any revelations that arise from the inquiry’s self-limiting focus on state-run institutions… More


Gordon Campbell: On Jim Anderton
For anyone born after 1975, it is hard to grasp just how important a figure Jim Anderton was, for an entire generation.
During the mid to late 1980s, Anderton was the only significant public figure of resistance to the Labour government’s headlong embrace of Thatcherism...More>>


Gong Time: New Year's Honours List

Jacinda Ardern today congratulated the 179 New Zealanders named on the 2018 New Year’s Honours List.

“Although this list was compiled and completed by the last government, it is a pleasure to welcome in the New Year by recognising exceptional New Zealanders,” Jacinda Ardern said.

“As an Aunty, I love reading books to my nieces, so it’s lovely to congratulate Joy Cowley, who is made a member of the Order of New Zealand today....More
Full list

Roads: National launches bid to save highway projects

The National Party has launched a series of petitions aimed at saving regional highway projects at risk because of the Government’s obsession with Auckland trams…More>>


Medical Cannabis: Bill Introduced to “ease suffering”

Health Minister Dr David Clark says making medicinal cannabis more readily available will help relieve the suffering of people who are dying in pain More>>


Campbell: On The Quest For Zero Net Carbon Emissions
Some would querulously ask, zero net carbon emissions by 2050 – while others would say, why not?


CPAG Report: The Further Fraying Of The Welfare Safety Net

New Zealand’s welfare system has undergone a major transformation during the past three decades. This process has seriously thwarted the original intent of the system, which was to provide a decent standard of living for all New Zealanders in times of need... More>>





Featured InfoPages