Page:Municipal Handbook of Auckland 1922.djvu/208

 are revised from time to time as required, but there is no fixed period between one revision and another.

Where the system of rating on the annual value is in force the local authority appoints and pays its own valuer, and the valuation may be made annually or triennially.

The annual value is deemed to be the letting-value less 20 per cent. in case of houses, buildings, and other perishable property, and less 10 per cent. in cases of land; but in no case less than 5 per cent. of the value of the fee-simple. The capital value is deemed to be the selling value of the land, including improvements, at the time of valuation. The unimproved value is deemed to be the selling value of the land at the time of valuation, excluding the value of any existing improvements.

The system of rating adopted for the City of Auckland is that of annual value. The following examples illustrate the modus operandi:—

but if a dwelling is worth £900 and lets only at £1 per week, then the value would be £45. (5% of the £900.)

All properties are dealt with as being freehold.

In the case of vacant land, the freehold value is arrived at, and 5% of that is the annual value, so that idle land does not escape local rates.