Auckland homeowners could expect a “bombshell” rise in their council valuations when city-wide revaluations are released later this year, NZ Herald reports. According to Schnauer and Co property lawyer, Nick Kearney, most of Auckland’s 560,000-odd homes will have made big jumps in value. City house prices have soared 35 percent since the last valuations in 2017. Even if Auckland Council expects to issue new valuations – officially known as capital values or CVs – by October, it won’t have an immediate impact on most owners, as they won’t affect council rates bills until July next year.
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