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NZ’s largest revaluation draws to an end

Media release
23 August 2011

NZ’s largest revaluation draws to an end

New Zealand’s largest-ever property revaluation is coming to an end, with almost all 515,000 properties throughout the Auckland region now valued by Auckland Council, since the process began in February.

“With 515,000 properties spread out over 4,894 square km of land from Wellsford in the north and Pukekohe in the south, it is a massive task,” says the council’s team leader of valuations, Peter McKay.

Auckland ratepayers will find out their property’s new rateable value in October as part of the Auckland Council general revaluation, which is being undertaken with assistance from Quotable Value.

“Valuers are now in the last month of valuing and checking. The values will then be analysed and approved by the Valuer-General before valuation notices are sent to ratepayers from 26 October 2011,” says Peter.

Auckland Council is required by law to value all pieces of land in the Auckland region, excluding roads and some waterways.

“This has made for some interesting valuations,” says Peter. “For example, the eastern most point of Auckland Council’s boundary is a 1.2 hectare unoccupied island in the Haruaki Gulf.”

The smallest piece of land to be valued is a piece of severed road (1m²) in Albany and the largest 12,427 hectares of pine trees in Parakai.

“Our team of experienced valuers has been working hard to ensure consistent and fair valuations for all Aucklanders,” says Peter.

Property values established by the council are rating valuations. They are used to calculate how much each ratepayer should contribute to the overall rates revenue collected by the council.

Rating valuations are calculated using mass appraisal techniques. They are not individual valuations of every property like those undertaken by private valuers.
Mass appraisal valuations are used for all rating valuations in New Zealand and globally.

A property’s capital value will be used to calculate rates from 1 July 2012.

ENDS

© Scoop Media

 
 
 
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