Auckland Council to release new property valuations in early June
She said the Valuer-General had requested a few areas for final review, but the council was confident that final sign-off would be achieved before June 9.
'We believe the thoroughness of this work will give Aucklanders confidence that the revaluation process is robust. It means ratepayers receive rates that are fairly calculated,' Heath said.
The new CVs will be used to set rates, signalled by the council for a 5.8% rise, from July 1.
The new valuations were set as of May 1 last year, but their release has been pushed back from late last year to May of this year, and now early June.
Thousands of Auckland ratepayers could find their rates chopping and changing this year because of the late release of the valuations.
This is because many ratepayers will object to their new values past July 1, leading to ratepayers paying the rates struck on July 1 and higher or lower rates if their objection to the council is successful.
At the last revelation in 2021, more than 9000 objections were made to the council.
At the time of the new valuations on May 1 last year, OneRoof figures show Auckland's average property value was $1.31m. This is marginally less than the average property value of $1.37m when Auckland CVs were last taken in June 2021.
Between the two sets of CVs, average Auckland property prices peaked at $1.58m in January 2022 and fell to 2021 levels by the latest valuations in May last year, according to OneRoof figures.
This would indicate little change between the 2021 and 2024 CVs.
The revaluation exercise does not change the total amount of rates revenue the council collects, but helps distribute rates fairly between ratepayers.
Under an allocation mechanism, properties whose value has risen by more than the overall average increase or decrease will pay more in rates than the general rates increase this year, proposed to be 5.8%.
The opposite is true for valuations below the overall average. Their rates will fall relative to the general rate increase.
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