New Auckland house ratings are out today...
The new rating valuations are out today, to view your new rating, click the link below.
Papatoetoe grew in average by 35%, Manukau 28% and the average house increased by 45% however the council's valuations should be a reflection of the market rather than driving it.
Here are how these valuations are calculated:
The new rates will apply only from July 2018 and to revaluations as at July 1, 2017.
Because it is impossible to inspect all those properties, valuations are carried out using mass appraisal techniques like:
• Sale prices of properties in the neighbourhood.
• Type of property - whether house, town house, factory or shop.
• Information from the District Valuation Roll, which contains valuation details of individual properties in the Auckland region.
• Data on industrial and commercial rental trends obtained from market surveys.
• Changes made to a property since the 2014 revaluation.
"The sale price of a property is a reflection of a number of factors - including the property's physical characteristics such as land area, floor area, building age, quality/condition, location plus zoning and market factors, " says Acott. "So there are a lot of factors affecting the calculation of rates."
A change of zoning under the unitary plan may affect the value if there is a change in the way that property can be developed. That could include potential for intensification or a new use - like a change from a residential to business zone - where the market reacts to that change.