Are Auckland’s New Property Valuations Too High?

Auckland property owners received their new property valuations in October, with many homeowners predicting that the increased values will send their rates bills sky high. Which leads to the question as to whether or not the property values in Auckland are too high?

With hours to go until the closing of the official objection period, the Auckland Council had received 8,643 submissions from Auckland property owners upset with the new valuation the council has given their property. These properties will have their capital value re-evaluated by July 2015, just in time for the start of the next re-evaluation period.

With the residential property values having risen on average 34.8% since 2011, Auckland ratepayers have been concerned that their rates will also increase substantially, leaving some homeowners unable to pay the new unprecedented high costs. But the council has been quick to quash this by saying that homes on average will only rise approximately 2.5%.