Steady Stable Growth In City's Rating Base
Auckland City Council - City Scene
Auckland City's new property valuations show steady growth without the spectacular rises and falls evident when the city was last revalued, in 1997. The Capital Value of all property in Auckland City has increased from $50.8 billion to $63.6 billion in the past three years.
Annual Value, which Auckland City uses to apportion rates, increased from $3.04 billion to $3.78 billion.
Notices of Valuation will be posted to all Auckland City property owners next Monday, November 15. In the meantime, the Valuation Rolls have opened for inspection at the Auckland City Environments office at 35 Graham Street and on the ground floor of the Civic Administration Building at 1 Greys Avenue.
Chairperson of Auckland City's Finance and Property Committee, Councillor Kay McKelvie, says that citywide, residential values increased on average by 3.58%, non-residential properties by 9.9% and CBD non-residential by 5.14%. CBD residential property values were weak, showing decline in some cases, while Waiheke Island values were relatively strong.
She says an increase or decrease in a property's Annual Value does not automatically mean people's rates will be affected by the same percentage.
"The total rates revenue required by the council is determined by the Annual Plan process. The rate per dollar of Annual Value, needed to produce that revenue, is then set accordingly."
Councillor McKelvie says property owners will have until December 17 to object to their valuation.