Home-owners in Mt Albert have enjoyed a spurt in the value of their properties over the last three years, and soon they will be paying a bigger whack in rates to reflect those gains.
Auckland Council yesterday revealed the results of the triennial update of capital values for 548,000 homes, units and apartments across the supercity – and Mt Albert fell into the bracket of suburbs where price rises were above average.
Mt Albert Inc predicted a month ago that average local values would be up by “around 48 per cent” over the three years. In fact, the official figure is 49 per cent, compared to the city-wide residential average of 46 per cent and the overall average (including commercial and industrial) of 45 per cent.
That doesn’t mean, of course, that Mt Albert rate bills will rise by 49 per cent from July 1 next year. But people whose properties have increased by more than the 45 per cent city-wide average can expect to pay a greater share of the council’s running costs. That includes Mt Albert, but there will be variations within the suburb.
Auckland Council head of rates, Debbie Acott, says people should remember that a high increase in property value doesn’t necessarily mean there will be a corresponding increase in rates.
“We expected to see an increase in valuations since the last revaluation in 2014, so movements in the 40 per cent to 50 per cent bracket really aren’t a surprise,” she says.
“Generally speaking, the values in Auckland’s outer suburbs appear to be catching up with the 2014 revaluation.”
“Areas that increased the most in the last revaluation – by and large central Auckland – are now moving roughly along the average. Those that didn’t last time – mainly outer Auckland – are the ones with the highest increases this time.”
Ms Acott says property valuations are used to help the council work out everyone’s share of rates – “they don’t mean that we collect any more money”.
But they do mean some suburbs will pay a little more than they do now, and some will pay a little less – depending, broadly speaking, on whether their valuations were higher or lower than the 46 per cent overall average.
And very few home-owners will end up paying less from next July because the signs are the council will strike a 2.5-to-3.5 per cent general rate increase – to be based on the new valuations.
The overall Albert Eden Local Board area recorded an average capital value rise of 42 per cent. But Mt Albert values rose more than others (like Mt Eden, up 40 per cent).
Values in most other neighbouring suburbs fell below the average, so their rate demands won’t be quite so painful: Western Springs/Morningside, 44 per cent; Sandringham, 43 per cent; New Windsor, 40 per cent; Waterview, 33 per cent; Kingsland, 41 per cent and Pt Chevalier, 41 per cent.
You will be able to find the new capital value for your property on Monday by going to the council website and keying in your address.
Full list of the supercity suburbs and their valuation rises.