Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Auckland’s property revaluation reveals average 33% increase

19 August 2014

Auckland’s property revaluation reveals average 33% increase

Auckland’s three-yearly general property revaluation is well underway, with indicative data showing significant value movements across the region.

A report is going to Thursday’s Finance and Performance Committee: http://infocouncil.aucklandcouncil.govt.nz/Open/2014/08/FIN_20140821_AGN_4759_AT.PDF

Auckland Council’s Registered Valuer Peter McKay says: “At this stage we are looking at an upward movement for the Auckland region of an average 33% since the last revaluation in 2011, which is broadly in line with expectations.

“Local board areas with the largest movements – of over 40% – are Kaipatiki, Maungakiekie-Tamaki, Puketapapa and Whau, reflecting a general value increase in the more central suburbs.”

“Average movements within the remaining local boards (excluding the Hauraki Gulf islands) range between 22% and 44%, with the larger movements generally due to proximity to central Auckland, with lower increases found in outer suburban and rural areas.”

“Local value movements will vary due to the type of property, its quality and condition, zoning, views and other factors.”

Property owners receive their notices in the mail in mid-November 2014.

“It’s very important to remember that Auckland’s property revaluation doesn’t determine the total amount of rates collected by the council – rather it helps determine each ratepayer’s share of rates.

“The revaluation exercise is used by the council to determine the allocation of rates, and doesn’t affect the overall amount of rates collection.

“Capital value, or CV, used as the rating valuation, is the likely price the property would have sold for on 1 July 2014. Its new value will be used to help set rates for the three year rating period beginning next year, 1 July 2015.”

All councils are required by law to revalue every property in their region every three years. Over 525,000 properties are being revalued in Auckland.

Council’s team of experienced, qualified valuers work closely with independent organisation Quotable Value Ltd. Before valuations are finalised, they have to be approved by the Valuer-General, who’s responsible for authorising rating valuations for the Government across New Zealand.

A map of the region with local board valuation changes and commentary is here: www.aucklandcouncil.govt.nz/EN/ratesbuildingproperty/ratesvaluations/Documents/Average_indicative_values_movement_by_local_board.pdf

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news