Run Through The Valuations

Written by Ben Ross - Talking Auckland

Basic Summary in Supplement to Council’s Information

 

budget

If you are lucky like me you have your valuations with you by now (I got mine first thing before the crashes) or if not a bit of wait as the Council pages buckle under the weight of everyone having a nosy.

Below is the Podcast on an approximate on whether your Rates are likely to go up or down once the 2015-2025 Long Term Plan goes live from July 1 next year. I will have some key figures for you further down.

 

A Valuations vs Rates Walk-through

 

Some Figures

  • Base Rate for General Rate – Residential Formula as of 2014-2015 Rating: 0.00322889 (applied against 2011 valuations)
  • Approximate Base Rate for General Rate – Residential Formula to “zero sum” gains and losses set at the 34% average rise for residential: 0.00240962
    • If your valuation was higher than the 34% average then you will be at a possible rates rise, below the average means a possible decrease on rates
  • Base Rate (0.0024….) adjusted for Mayoral proposed increase of 4.5% average against Residential lots (Commercial was lower and hence the 3.5% average increase): 0.00251805

Note: Figures for approximate Base Rate and adjusted rate are that – approximate as a lot can change before the Long Term Plan 2015 goes live in July next year.

Note: the Residential Average I used for the base formula  is at 34.8% not 34% as I stated. I means I am up for a Rates rise of 7.1% not 7.9% as mentioned earlier. None the less it is still looking down the barrel of a stiff Rates rise on these approximates!

 

My own valuation went from $260,000 to $360,000 so a 38.5% increase, and a 4.5% increase on my base rates (worked at 38.5-34(the zero sum rate)). Bringing in the Mayoral increase my Rates could rise 7.98% or an extra $80/year

Note: This does NOT included the extra 0.9% Rates rise year on year for nine years to plug the $12b transport funding gap as proposed by the Mayor: Introduction to Talking Auckland Analysis into the Alternative Transport Funding Package

 

More Info from Council here: http://www.aucklandcouncil.govt.nz/EN/RATESBUILDINGPROPERTY/RATESVALUATIONS/VALUATIONS/Pages/home.aspx