Published 3 June 2011
Auckland Council will issue its first rating valuations on 26 October – 514,000 of them for the whole city, which until last November was divided among 7 councils.
The valuations, with an effective date of 1 July 2011, will be used to set the rates for the financial year starting 1 July 2012. This year’s rate, to be set at the end of this month and applied on 1 July, is based on predecessor councils’ valuations.
This year’s valuation exercise – by Auckland Council staff for the old Auckland City Council area and Quotable Value for the rest – will be the first for most property owners on a capital value basis.
Previously, Franklin was done on capital value, Auckland City & Manukau were on annual value and the rest (North Shore, Papakura, Rodney & Waitakere) were on land value.
The previous councils’ rating cycles were also different, ranging from September 2007 for the last valuation in Rodney & Waitakere to September 2009, the most recent valuation, which was done in Papakura.
Auckland Council valuations manager Pete McKay said yesterday some trends had already come through in the data collected: “At this early stage, market trends indicate that residential property values are still, on average, below the peak of the market between late 2007 & early 2008. Indications are that value movements are likely to be in the +/-10% range for most residential properties.”
That compares with an overall rise in Auckland City in 2008 of 13% in residential valuations, and about 40% in 2005.
The valuers will start work on the last piece of the exercise, valuing commercial & industrial property
The effective date of the rating valuations will be 1 July 2011. The valuations will be used to calculate rates from 1 July 2012.
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Attribution: Council report, interview, story written by Bob Dey for the Bob Dey Property Report.