4 Jul 2020

Auckland Council looks to delay house capital valuation process until 2021

6:23 pm on 4 July 2020

Auckland Council wants to delay its capital valuation process for homes.

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Photo: 123rf

Its triennial revaluation of properties was due to take place this year, but the council has asked the Valuer General if it can hold off assessments until 2021.

Chief Financial Officer Kevin Ramsay said the process has become impractical because of Covid-19, with insufficient market data available.

The council is expecting an answer next week.

Changes to CVs can significantly affect those looking to sell, but also influence how much a homeowner pays in rates.

Real Estate Institute chief executive Bindi Norwell said Auckland homeowners should not to worry about a delay in CV assessments.

She said the delay could have positives.

"The benefit is that they may not have increased rates so much, but it really is one part of the equation so it really shouldn't impact the sale of their property."

Norwell said CVs are based on an algorithm that may not pick up property renovations, so it is better to get an independent assessment.

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