Whilst here at taxblog.co.nz we usually write about national and government taxes. The blog is dedicated to tax as a whole. This is a story I picked up from David Farrars blog at www.kiwiblog.co.nz
Waiheke Island residents are reportedly angry at their rates increasing by 50%. The story is in the NZ Herald here.
Wendy Gordon, whose 40ha farm at Awaawaroa Bay soared in value from $1 million to $7 million in the latest property revaluations, said her rates were forecast to increase from $2583 to $12,600.
Waiheke residents are big losers from Auckland City’s latest three-yearly property revaluations. Properties that have risen in value by more than the city-wide average of 42 per cent will pay a greater share of the total rates pie – and Waiheke values have risen by 98 per cent on average.
If I had a property that went up to $7 million $12,000 in rates would be the least of my worries. This is what we call a high quality problem to have. Wendy Gordon can always remortgage her property if she gets upset at the $12,000 bill.