Feature article
Auckland property owners face rate hikes despite CV declines
Let's break down what's happening.
AI summary
Auckland property owners may see rates rise even if their Capital Value (CV) has dropped. This occurs because rates are based on Auckland Council's total budget needs and your property's value relative to others.
Key reasons for increases include:
- Rising council operational costs due to inflation
- Funding for major infrastructure projects
- Your property's value falling less than the city average
Chief Property Economist Kelvin Davidson notes CVs are mainly for apportioning rates, not determining market price.
First up, what even is a CV?
So, why are my rates going up if my CV is down?
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