Homeowners in Auckland will wait an additional four months for updated capital valuations (CVs), originally due in May 2023, as Auckland Council addresses data amendments requested by the Valuer-General.
CVs, updated every three years, help determine property rates but are not reflective of true market values. Factors like insurance payouts from the 2023 floods and market stagnation may have influenced the delay.
Experts suggest the delay could reveal reduced valuations, affecting vendor expectations. The council aims to finalize and apply the revised CVs by July 2024, ensuring “accuracy and fairness” in rate calculations.
Image credit: Donovan Kelly
