Soaring house values mean rates shock in some areas
By Bruce Morris Aug 23, 2011
Those whose properties have fallen in value during the downturn could get a rates cut.
Property owners in a band of central Auckland suburbs have enjoyed a leap in the value of their homes – but they will soon be paying higher rates as a result.
While values in many parts of Auckland have dipped through the real estate downturn over the past two years, those in suburbs such as Grey Lynn, Ponsonby and Westmere are well above rating capital values set in July 2008 – the last time their property valuations were set.
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