The property tax increase is expected to hit the most properties, with more than 300 properties in the CBD.RTE’s property tax calculator has been created by the University of Waikato’s Property Survey Group.
It estimates that between March 1 and December 31, 2021, the total property tax hike will be $9,619,000.
That is a 1.9 per cent increase on the same period last year.
There are also a number of smaller increases, with some properties paying only a few cents more.
The council is also considering making changes to the existing property tax formula.
Property survey group chief executive Mark White said there were a number factors in play.
“We’ve heard a lot of community feedback from a range of people, and we’ve heard from a number individuals and organisations who are interested in making some of the changes that are necessary,” Mr White said.
“One of the things that’s coming forward is an option to make property taxes more uniform across the state, which is a great idea.”
“I think the council needs to take a fresh look at this.”
In addition to the property tax rise, the council is considering increasing the threshold to $1 million from $200,000 and removing the requirement for a mortgage.
The proposed changes to property tax will be discussed at the next council meeting on April 29.