AUCKLAND CITY LAND VALUES.

Gisborne Times, Volume XXVI, Issue 2232, 2 July 1908, Page 1

AUCKLAND CITY LAND VALUES.

PRICES STILL RISING.

ASSESSMENT OF PROPERTIES

NO ARTIFICIAL VALUES

“I wish to declare emphatically that Auckland is not over-assessed.” This statement was mAdo to a “Herald” representative on Friday by Mr Edward Hiokling, the city valuer, who was asked if Auckland was to bo placed in the same category as Wellington as a. city whoso land values were exaggerated by tho rating uuthoriticA. It may bo rcinoinbored that Mr Justico Edwards made tho statement a few days ago that Wellington was, :in liis opinion, a very much over assessed city. “It has often been declared,” continued Mr Hickling, “that the Council are engaged in raising the ratablevalue of property rather than displease tho ratepayers by raising the rates. Rut that is not tho case. Tho increase in the city’s ratable value is purely a natural and not at. all an artificial ono, and I sho'uld like it to i be distinctly understood, this being '.the fourth term of office of the present Mayor, that neither he nor any member of the City Council lias uttered one syllable to mo about increasing the city’s ratable value. “Wo work along a regular and settled system in the matter. It is laid down in the Act that the ratable value of a property shall in no case be less than five per cont. of its capital price. The fivo per cent standard is the one that we U6e in the majority of cases, and whero it is difficult to arrive at the capital value wo take tho rental, and adopt that as the ratable value, after deducting 20 per ceut. Tho,.Government, for tho purpose of its'.own taxes, makes an absolutely independent valuation, and hero are some interesting figures. Tho Government values the property within, the city boundaries at £10,000,170 bn its la- 1 test assessment. On tho City Council books it stands at £10,110,000. It will bo seen, that thero is very little difference between the two valuations, which are made without any collusion whatever. The City Council has about £IOO,OOO uie'Tieffer of the Government, for it possesses moro information as to tho .rents which laro paid in many instances. “Auckland’s ratable value has, of course, increased tremendously of late years. In 1899 the ratable value was £301,000, and the latest valuation, from June of this year to Juno of 1909, is for £505,553. Hero are tho increases for the last few years:

“During those six years, therefore, tho ratable Value of the new buildings erected in Auckland totals £59,449, which moans that tho capital value—taking tho contract prices—of the new structures is about £1,200,000.

“The value of property ;in the ceil--tro of tho city has increased enor-j mously in price during tho last tenj years.' A few days ago land was soldi in Queen-street at £SOO a fool. The> increase in land values still goes on i steadily, and every sale sees a bigger price given for land in the city. Values in ElliotLstreet, Albert-street, and Federal-street, in particular are rising rapidly. In Federal street warehouses and workshops are superseding dwellings of the poorer class, and prices have .jumped up rapidly. In Karangahape Road values are also rising very vapidly, and there seems no reason to doubt that the thoroughfare will bo a second Queen-street. There are now very few. vacant spaces left within tho city area, and it is a wonderful fact that in spite of the great number of new dwellings springing up ail round tho city there is no sign of any fall in the rents. “I should sa.v'that during the last eight years land on the outskirts of the city has doubled in value, and there is still a slight but steady in-crease-going on, especially in the case of land with a sea frontage. “With regard to the new buildings going up, there is also no sign of any falling-off in activity. Three buildings alone which arc now being erected in Queen-street, AVyjidham-street, -Hid AVcllesley-street respectively will mean a total expenditure of £50,000 before they are completed.

1903—4 . £27,000 1904-5 . 20,446 1905-6 . 17,461 1906-7 . . ... ... 18,846 1907-8 . . ... ... 32,000 1908-9 . 30,863 “A considerable proportion of t-liose amounts 'represents, t.ho yearly increaso in the city valuo of the old property in the ton'll, but the amount of the city’ ratablo value is swelled year by year by the new buildings erected. The ratable values of tlie new buildings as follows :— put up since 1908 are £ 1903-4 10,461 1904-5 . 9,334 1905-0 . 8,402 1906-7 . 8,010 1907-8 . 7,301 1908-9 (under construction ... 15.941