Transcript of Revaluation – A Simple Explanation video
[Video: music plays. Auckland Council logo displayed. Calendar graphic displayed.]
Announcer: Every three years we revalue your property and update your capital value or CV.
[Video: house graphic and dollar symbols are displayed.]
Announcer: Your CV is what we estimate your property would sell for on the 1st of July this year. We determine the value through a complex analysis of existing data and current property information.
[Video: House graphics next to rising value amount displayed.]
Announcer: 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: Words "Borrowing", "Shares", "Fees and charges", and "Rates" are displayed alongside a coloured icon representation of each word.]
Announcer: The council sets an overall budget, which is made up of various different sources of income, including rates.
[Video: Pie chart displayed, with "Rates" section just one part of the larger graphic.]
Announcer: Revaluation doesn't increase the amount council collects 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 graphic alongside line chart showing a declining orange line for "Below average" and a rising green line for "Above average".]
Announcer: A below average increase will likely have no impact on rates and in some cases may mean you pay less. A higher than average increase could result in a rates increase.
[Video: House graphic displayed with a "For sale" sign crossed out.]
Announcer: These values are only used for rates. They aren't intended to be market value.
[Video: Calendar graphic displayed.]
Announcer: And we won'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 displayed.]
Announcer: For more detail on revaluation visit Aucklandcouncil.govt.nz/revaluation
[video: Auckland Council logo and URL (aucklandcouncil.govt.nz). Different music clip including birdsong.]