CITY VALUES RISE

Sun (Auckland), Volume III, Issue 881, 27 January 1930, Page 10

CITY VALUES RISE

INCREASE OF THREE PER CENT. NEW BUILDINGS THE CAUSE Almost entirely because of the new buildings and improvements to existing structures during the past year, the City’s annual rateable value has increased three per cent, this year, equal to an advance of £82,508. The City’s total rateable value for the financial year 1929-1930 was £2,698,716. For 1930-1931 th 3 figure is £2,731.224. The statistics are an interesting guide to the City’s development within its own limits. The new assessments have been **~ated to ratepayers who, though, no doubt not welcoming the advance in the total rateable value, have little to complain of, as there have been very tew increases. fl Capital value of buildings completed during the past year total £1,650,000, and include the Civic Theatre, the Power Board’s offices, Smith and i and the South British Insurance offices. In some cases new gas and power mains accounted for increased valuations. In the past 12 months, 510 houses were erected. No doubt there will be a number of objections to the new assessments to be heard by the Assessment Court, which sits in February. It is considered probable that the 1930-1931 rate on the annual value will be struck in June next, but it is yet too early to ascertain if any increase will be required. Allowing for readjustments by the Assessment Court, n similar rate to last year of 3s 11 Id in the £ would produce £550.000. In the following interesting table of the growth of the City’s valuations, it is shown that values have quadrupled and the area has increased tenfold since 1912: Annual rateable. Percenvalue. tage in-

Year. £ Acres. crease 1912-13 6S2.569 1,94S — 1913-14 502,850 2,570 1914-15 S83.9S4 2,570 10.1 1915-16 999.324 6,070 13.0 1916-17 . 1,021.572 6.168 1917-18 . 1,059.709 6.16S 3.7 1918-19 . 1.067,127 6.168 1919-20 . 1.137.0S1 7.307 6.5 1920-21 . 1,252,56.S 7,307 10.1 |9-m -22 . 1,497.095 9.427 19.5 7922-23 1,591,644 9,427 6.3 . 1.659,230 9.427 4.2 1924-2.1 1.841,464 9,427 10.9 1925-2*’ . 1,972,628 9.427 7.1 1926-27 . 2.150,709 9,427 8.0 192.' 2,262,210 9.427 6.2 1'30-31 . . 2,781,224 19,595 3.0