The Auckland Council says the region's residential properties look set to move up or down by 10%.
The council is carrying out revaluations of more than 500,000 properties in its first ever ratings valuations.
It will use the capital values - the land value plus any improvements - to work out who pays what portion of the region's total rates.
The council's valuations manager, Peter McKay, says market trends are indicating residential property values are still, on average, below what they were at the peak of the market between late 2007 and early 2008.
Mr McKay says the revaluations will be used to calculate rates from July 2012.
Property owners can expect to receive their rating valuation notice at the end of October and will then have the opportunity to object to it, he says.