The annual value is based on the higher of the estimated gross annual rental income less 20 per cent (or 10 per cent for vacant land) or 5 per cent of the property's capital value. To assess the annual value we calculate the following: The first calculation estimates how much the property could be rented for in one year, minus 20 per cent to cover normal property expenses (or minus 10 per cent for vacant land). For example: Potential rent $300 x 52 = $15,600 Less 20% ($3,120) = $12,480 The second calculation takes five per cent of the property's estimated capital value (the total value of land and buildings). For example:Estimated capital value = $260,0005 per cent = $13,000For this property, the annual value is therefore $13,000 (in this case calculation 2 is higher than calculation 1).
Money that is owed and should have been paid earlier.
This is the rate account number as it appears on your invoice.
Business Improvement District (BID)
Business Improvement Districts (BIDs) are areas within Auckland where local businesses have agreed to work together, with support from the council, to improve their business environment and attract new businesses and customers. The funding for these initiatives comes from a BID targeted rate, which the businesses within a set boundary have voted for and agreed to fund.
Capital value is the total value of the land including improvements. This is the probable price that would have been paid for the property if it had sold at the date of the last general valuation.
A caveat is a document lodged on a property title that gives the caveator the opportunity to protect an existing right or condition. The property cannot be sold without the caveator being directly consulted.
Certificate of Title (CT)
Legal evidence showing ownership of property. It also describes the land and lists all easements, encumbrances, and consent notices on the title. Land Information New Zealand (LINZ) holds the title documents.
An extra service charge, e.g. a credit card service fee.
i. Any means of transport, i.e. any bus, ferry, train or other vehicle used for the transport of persons. ii. The transfer of legal title of property from one person to another.
An arrangement where two or more occupiers share the same parcel, where usage is defined by a legal agreement between the parties (can be used for flats, shops or any commercial development on a single parcel).
Deeds Registry Office (DRO)
The Deeds Registry Office used to hold authoritative information about land surveys and ownership, topographic maps and nautical charts. Since February 2009 this has been the role of Land Information New Zealand (LINZ).
District Valuation Roll (DVR)
A list of the current valuations of all properties in Auckland.
The general rate pays for most council activities that are operational or have benefits across the whole region.
The difference between the capital and land values.Includes the value of the buildings, other structures and any landscaping.Excludes the bare land price.Find out more about revaluations.
An increase in the cost to buy things and fall in what you can buy for a certain value of money.
The size of the property. Note: This is not the floor area of the building.
Land Information New Zealand (LINZ)
LINZ is a government department that holds authoritative information about land surveys and ownership, topographic maps and nautical charts.LINZ also makes sure that the rating valuation system is fair and consistent and oversees purchase and disposal of Crown land.
The assessment of the probable price that would have been paid for the bare land as at the date of the last council valuation. It includes development work such as drainage, retaining walls and levelling, but disregards any buildings or other improvements to a property.
Information provided by Land Information New Zealand (LINZ). Usually formed by the lot number and deposit plan (DP) number.This assists to specifically identify a particular block of land and its location in Auckland.
Minor household unit
A building built for residential activity of not more than 65m2 in floor area (excluding any garaging for motor vehicles) which is associated with an existing dwelling on the same site.
Outstanding RID objection
Certain information contained in the Rating Information Database is open for objection.The information recorded against this property may be subject to change until the objection has been resolved.
A charge that is added to rates that remain outstanding after the due date for payment.
The physical address of the property.
The name of the property if it has one, e.g. Albert Park Reserve.
The rateable value or annual value is a value used for rating purposes only.
Notice detailing the taxes owing on a property.
A differential means a different rate is applied to different categories of property. Rate differentials apply to the general rate and are used to change the proportion of rates the council collects from each group of ratepayers.
A postopnement delays the payment of rates until a later time (such as when the property is eventually sold).
Generally one Certificate of Title equals one rating unit which will receive one assessment/invoice.
Remission (relating to rates)
Auckland Council has adopted rates remission policies to provide assistance in the form of rates relief to ratepayers who meet specific criteria.
Seperately used or inhabited part (SUIP)
Most people live in a single dwelling on a property, such as a house. A SUIP is when there is more than one part to the property and each part is used for a different purpose. An example would be a rating unit that has a shop on the ground floor (which would be rated as business) and a residence upstairs (rated as residential). Each seperately used part will be rated individually.
Statutory land charge
A statutory land charge is registered against a Certificate of Title of a property by someone who has a financial interest in the property such as a debt or part ownership. The charge must be released before the property can be sold, thus protecting the interest of the person who registered the charge. Council registers statutory land charges on properties where rates have been postponed.
Targeted rates are collected to fund a specific activity. A rate that is targeted can only be used for the purpose for which it was collected. Targeted rates are only charged to people who will benefit from the activity.
Transition Management Policy (TMP)
Central government and local government have put this policy in place to manage the move to a region-wide rating system.The council will implement a three-year transition management period (until 30 June 2015) to smooth the impact of any significant rates changes for residential and business ratepayers.
Uniform Annual General Charge
A UAGC is a rate of fixed dollar amount applied to all properties. It is not related to the value of the property.A local authority may set a uniform annual general charge for all rateable land within its district, being:(a) a fixed amount per rating unit; or(b) a fixed amount per separately used or inhabited part of a rating unit.
An estimation of a property's worth. Annual, capital and land valuation are used to calculate the annual rates for a property.
A unique number assigned to each property by the Valuation department.
Value of improvements
Your feedback helps us to improve our website. If you have feedback about our services (not the website), please contact us.
Help make Auckland the best place inthe world to work, play, study and invest.