Home-owners became used to regular revaluations of their properties, when property prices were rocketing. In many areas, it was an annual event.

But now, Wellington City Council ratepayers have been advised that revaluations will henceforth take place every three years. This is an idea that is guaranteed to catch on in every other local authority in New Zealand.

Go figure. The arithmetic is easy…

Now that property values have shifted into reverse gear, it doesn’t make sense for the private company that assesses the value of your place to come round this year and discover that it isn’t worth what it was last year. That would impact severely on your rates (as far as the council is concerned) and would most likely mean an honest drop in what you should be expected to pay.

So, all the councils in New Zealand will soon be seeking to rely on the rateable value assessed when your property was worth top dollar, for as long as possible. Quotable Value will have to cut back on the inspectors for a while – until property gets on another upward roll (probably in about three years’ time).

Of course, your council will say that, in such tough times, it is not necessary to do an annual valuation and that making it a three-yearly exercise will cut costs, while they continue to tax you on what your place was worth three years ago, before the bottom fell out of the market.

Isn’t it strange how apparently normal people turn into completely different beings, when we elect them as councillors or MPs?

Doesn’t this latest change in valuing property make it even more sensible to abolish property-based rates and introduce a local income tax, where everyone pays an income-based and fair share for providing the public local services on which they depend?