Auckland property owners face rate hikes despite CV declines

Many Auckland property owners are seeing rates rise despite a drop in their Capital Value (CV). This occurs because rates are determined by the council's overall budget, which has increased due to inflation and the need to fund major projects.

Your rates bill is based on your property's value relative to others. If your CV falls by less than the average, your share of the total rates bill may increase. Chief Property Economist Kelvin Davidson advises homeowners to plan for annual rate increases.