RATES WILL INCREASE
EFFECT OF REVALUATIONS £29,000 MORE IN VIEW Without striking any higher rates, fhe city treasurer can collect £29,000 more from the ratepayers next year. If the present rate of 3s lljd in the £ is increased, the amount will be considerably more. The revision of the city valuations, and the final checking up by the Assessment Court, shows an increase in the valuations of 52 per cent. The increases since 1925 are shown in the following table:
The amalgamation of Avondale and Tamaki with the city was the chief cause of the large increase in the value in 1928-29. Last year it was estimated that the rates would yield £484,944, plus arrears amounting to £24,075. On the same basis this year, the city will be entitled to collect £534,147, or more than last year’s combined estimate and arrears. An all-round increase in the valuations in Remuera, and the erection of new buildings in the city, are chiefly responsible for the higher valuation Total this year. Mr. Notley said yesterday. “One would think that a peak limit would be reached in city values, hut year after year they go up,” he added. “Fifteen years ago I thought we must be getting near the limit, but that has not proved to be the case.” Demonstrating how the rises occurred, Mr. Notley said the valuations were based on the annual rental value of the properties concerned, and it was laid down that that value must not be less than 5 per cent, of the capital value. It was not always possible to 13' with any degree of accuracy what the rental value of a building might be unless it was altered to suit the needs a prospective tenant, and in such cases it was found better to take 5 per cent, of the capital value. The department stores in Queen Street were cases in point.
Annual rate Percentage Year. able value. Acres, crease. 1925-26 . . 1.972^628 9,427 7.1 1026-27 . . 2,130,709 9,427 8.01 1927-28 . . 2,262,210 9,427 6.2 1928-29 . . 2,552,173 18,827 12.8 1929-30 . . 2,698,952 19,827 5.75
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Sun (Auckland), Volume III, Issue 628, 3 April 1929, Page 10
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342RATES WILL INCREASE Sun (Auckland), Volume III, Issue 628, 3 April 1929, Page 10
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