The 2024 valuations are based on estimated property values as of 1 May 2024 and were carried out by independent valuation firms QV and Opteon. They reflect broad shifts in Auckland’s property market since the last revaluation in June 2021, a period that saw rising interest rates and a general market cooling. You can find yours here.
What are rating valuations?
Rating valuations – also known as Capital Values (CVs), Government Valuations (GVs) or Rateable Values (RVs) – are used by councils to fairly distribute rates among property owners. While they provide an estimated value of a property at a specific point in time, they do not represent current market prices and shouldn’t be relied upon for buying or selling decisions.
Each property’s valuation is made up of three components:
- Capital Value (CV): The estimated total value of the property, including land and improvements.
- Land Value (LV): What the land alone would likely sell for, without any buildings.
- Improvement Value (IV): The difference between the capital and land value. It reflects the value of the buildings or enhancements but does not directly represent construction or replacement costs.
These figures are used in conjunction with property usage and location details to determine individual rates contributions. The overall amount collected in rates is set annually, but valuations determine how that amount is fairly shared out.
How Are Values Assessed?
To determine the 2024 values, assessors looked at a wide range of factors for each property, including: Property type / Location / Land size / Floor area / Zoning / Any consented work such as renovations, rebuilds, or subdivisions
These factors help the council and its valuation partners estimate what a property would likely have sold for on 1 May 2024, not its value today. Because market conditions change rapidly, particularly in a volatile environment like recent years, it’s common for these figures to lag behind real-time prices.
Key findings from the 2024 valuations
Across the Auckland region, the average Capital Value has decreased by 9% compared to the 2021 valuations. This drop is not unexpected given the sharp rise in interest rates and the broader economic slowdown over the past two years.
Some property types even increased in value – industrial properties rose 5%, lifestyle and rural properties climbed 4%, while commercial properties declined by 5%.
What it means for your rates
Auckland Council’s 2024 property revaluations will help determine how rates are shared – but a lower CV doesn’t guarantee lower rates. A 5.8% average residential rates increase is set from 1 July 2025. If your CV fell more than the 9% average, your increase may be smaller. If it dropped less, or rose, your rates may rise more.
Revaluations don’t increase total rates collected – they redistribute the share more fairly. You can check your new valuation from 10 June on the Auckland Council website. Objections must be submitted online by the due date on your notice.