Updated rating valuations for the Auckland region have been delayed and are now expected to be available in March 2022.
The COVID-19 pandemic has added layers of complexity which have affected the council’s ability to conduct the revaluation this year. The audit conducted by the Office of the Valuer General (OVG) determined that the council and its valuation partner Quotable Value (QV) need to do more work on the values before they will be ready for release.
The council’s valuers along with government owned valuation company, QV, conduct Auckland’s revaluation by analysing recent property sales information, resource and building consent data and undertaking sample inspections to establish an updated picture of land and capital values across the city.
Before valuations are finalised, they are legally required to be approved by the OVG, which is responsible for authorising rating valuations across New Zealand. The OVG is a government office within Toitū Te Whenua Land Information New Zealand and has responsibility for ensuring valuations are undertaken in a robust and appropriate way.
Mass appraisal is the only feasible way to revalue all properties in the region and it is not unusual for councils to receive feedback from the OVG, with requests to update or change aspects of the revaluation.
Ratepayer confidence is paramount therefore it is crucial that the OVG completes a detailed audit process. Once this process is complete, Aucklanders will be able to have confidence that the values used to determine rates for the 2022/2023 rating year are sufficiently accurate in a mass appraisal context.
The new values will be based on the most likely selling price if the property had sold on 1 June 2021 and will be used to inform rates for the 2022/2023 rating year, with rates assessments taking affect from 1 July 2022.
Ratepayers have a right to object to their value if they do not believe it is accurate. As a result of the delay, some ratepayers might not be notified of the result of their objection prior to receiving rates notices in the 2022/2023 rating year. Ratepayers can rest assured if their value is changed as a result of their objection, any changes to their rates will be backdated accordingly.
Auckland Council appreciates the public interest in the revaluation and looks forward to releasing it as soon as possible.