Land Valuations and Rates Increase
The NSW Valuer General has recently issued the new land valuations effective 1 July 2023, with the unimproved land valuations increasing on average 57.65% over our Shire.
Council is limited by the total income it can increase from the previous year by the rate peg (the percentage amount rates are allowed to go up for that year) as determined by IPART, unless a special rate variation application is made. An increase in your unimproved land valuation doesn’t have an effect on the total income that Council can raise (i.e. if your land value goes up by 50%, this does not mean your rates will go up by 50%).
The rate percentage is applied to the total income then distributed over the rating categories. The base amount is applied to all properties and the Ad Valorem (cents in the dollar) is multiplied by your valuation. Your valuation assists in the calculation of your individual rates not the total income raised.
Council’s Operational Plan & Statement of Revenue Policy is advertised for community comment, May of each year before it is adopted, this includes the Rating Structures for both the 4.2% rate peg and the proposed 43% Special Rate Variation. (Pages 88-89)
If you would like to discuss your individual assessment, please feel free to contact the Rates Department 02 6736 6000 Option 2.