Feature article
Auckland property owners face rate hikes despite CV declines
Let's break down what's happening.
AI summary
Many Auckland property owners face rising rates despite a drop in their Capital Value (CV). This is because rates are based on the council's total budget needs and your property's value relative to others.
If your CV fell by less than the city's average, your share of the rates bill may increase. Other factors include:
- Council budget increases
- Inflation
- Funding for major projects
Chief Property Economist Kelvin Davidson advises owners to plan for annual rate increases.
First up, what even is a CV?
So, why are my rates going up if my CV is down?
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