Property valuations in the mail next week

Auckland property owners can expect to receive a new Auckland Council property valuation notice in the mail from next Thursday (27 October 2011).

The notices are the result of the first Auckland Council revaluation, which saw 516,000 properties revalued Auckland-wide. It was the largest revaluation ever undertaken in New Zealand.

Any queries about individual valuations, or the valuation process, can be directed to Auckland Council’s revaluation team on 0800 874 060 (from 25 October) or www.aucklandcouncil.govt.nz/revaluation.

Due to the size of the project, new valuation processes were put in place to ensure all properties were valued consistently. This process, and the values set in the revaluation, were certified by the Valuer-General, Neill Sullivan last week. Mr Sullivan is required to approve all rating valuations undertaken by local authorities in New Zealand to ensure consistent and accurate property values.

This year’s revaluation brings properties formerly covered by the legacy councils into the same valuation cycle.

Auckland Council’s Valuation Team Leader, Peter McKay, says most Auckland property owners can expect to see their property’s capital value move somewhere between +/-10% since their last revaluation, which was conducted in either 2007, 2008 or 2009, depending on a property’s location.

”Prior to 2008, the market was heated with lots of activity. It is now in recovery mode so, overall, we haven’t seen the big shifts in residential values that we saw in previous revaluations, with the exception of some inner city suburbs,” says Mr McKay.

Property owners can object to their values if they believe they are incorrect, and have until 16 December to do so. More information about making an objection is available on the Auckland Council website.