For a written transcript of this video, see Transcript of Revaluation: A simple explanation.
How often we revalue properties in Auckland
The law requires all councils to revalue properties within their boundaries every three years. The last revaluation took place in 2017. The next revaluation was due to take place in 2020, but because of COVID-19 and the uncertainty of the impact it would have on the property market, the Valuer-General granted us a 12 month deferral.
It is now taking place in 2021.
We had been working towards a release of October 2021. Due to the August 2021 lockdown, the Valuer General has delayed the audit for all territorial authorities across New Zealand.
Updated values will be available online in December 2021 and we will send them to all ratepayers after they are published.
These values do not impact rates until 1 July 2022.
These new values are based on the most likely selling price if the property had sold on 1 June 2021.
Why we revalue properties
Revaluations are required by law and we do them because we want to set property rates fairly.
As property values are always moving we need to update our rates distribution to maintain fairness.
The aim of the general property revaluation is not to provide values for property owners to use for marketing, sales or any other purposes.
How we calculate property values
We compare recent sales in the area with the property being valued.
A zoning change under the unitary plan may affect a value if it changes the way a property:
- can be developed, such as housing intensification
- how it is used, such as a change from a residential to a business zone.
Our valuers work with independent organisation Quotable Value (QV) to determine the values and the Valuer-General audits these values to ensure accuracy.
Factors we consider
- Property type
- Location
- Land size
- Zoning
- Floor area
- Consented work (renovations, new build, subdivisions etc.).
What a property value is made up of
Capital value (CV)
The most likely selling price at the date of valuation.
The CV is also known as Government valuation (GV) or Rateable value (RV).
Land value (LV)
The most likely selling price of the vacant land at the date of valuation.
Improvement value (IV)
The added value of improvements to the vacant land. This is calculated as CV minus LV.
The IV is not an assessment of the replacement cost and should not be used for insurance purposes.
Impact of a revaluation on property rates
An increase in your property value may not mean you pay more in rates. Any rates increase is determined by your property value increase compared with the average increase across the Auckland region.
If your property has increased by more than the average, you may pay more than the average 3.5 per cent rates increase for the 2022/2023 year.
Revaluation doesn’t affect the amount of money we collect from rates - it helps us work out everyone’s share of rates.
For more information, see
How you property rates bill is made up.
