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General property revaluation - video transcript

[Video: Calendar animation flipping through consecutive years from 2018 to 2020.]

Voiceover: Every three years we revalue your property and update your capital value or CV.

[Video: Animation, COVID-19 banner covers 2020 calendar]

Voiceover: This was scheduled to happen in 2020 but COVID-19 created uncertainty in the property market so the Valuer-General granted us a 12 month deferral to 2021.

[Video: Animation showing three different houses, increasing in size with dollar signs demonstrating the value is also increasing]

Voiceover: Your CV is what we estimate your property would sell for on the 1st of June this year. We determine the value through a complex analysis of existing data and current property information.

[Video: Animated house shows a value of $910,500, the house extends through a renovation and the displayed value increases to $955,750, the house is extended further and the displayed value increases to $990,500.]

Voiceover: Here's how it works: there's a number of different elements that help us work out the amount of rates you pay. Your property value is only one of them.

[Video: List consisting of Borrowing, Shares, Fees and Charges and Rates, with corresponding graphics]

Voiceover: Auckland council sets an overall budget made up of various sources of income including rates.

[Video: Animated pie chart broken up into four wedges representing Borrowing, Shares, Fees and Charges and Rates. Rates wedge pops out and is accompanied by house illustrations]

Voiceover: Revaluation doesn't increase the amount Auckland council takes from rates, it helps us work out everyone's share of rates. That means an increase in your property value may not mean you pay more in rates.

[Video: House animation with line graph showing decline with the title 'Below average increase']

Voiceover: A below average increase will likely have no impact on rates and some cases may mean you pay less.

[Video: Line graph shows additional line showing increase with the title 'Above average increase']

Voiceover: A higher than average increase could result in a rates increase.

[Video: House animation with FOR SALE sign, then covered by a prohibition sign]

Voiceover: These values are only used for rates they aren't intended to be market value.

[Video: Calendar animation flicking through June 2022 until it lands on 1 July 2022]

Voiceover: And we don't know until the start of the new rates year, how your new property value will impact your rates, if at all.

[Video: Auckland Council logo. Text: For more detail on revaluation visit aucklandcouncil.govt.nz/revaluation]

Voiceover: For more detail on revaluation had to Aucklandcouncil.govt.nz/revaluation.