Paper millionaires told: Don't get carried away

Homeowners are being warned not to start living like millionaires just because their properties are now worth seven figures.

Councils in many parts of country are going through revaluation processes which give owners an updated value for their properties. This is done once every three years.

These council valuations are used to set rates. More expensive properties pick up a larger proportion of the overall rate bill.

In Auckland, the latest rateable value update has lifted the average over $1 million for the first time.

from
http://www.stuff.co.nz/business/99052857/Paper-millionaires-told-Don-t-get-carried-away