Budget 2022-23 – Outline of General Rates Increase
Council has increased the general rate that it collects, in total, by approximately 4%. The Council calculates rates using Assessed Annual Value (AAV) as the basis, this amount is determined by the Valuer-General (VG).
The VG has issues “Adjustment Factors” for the valuation of land across the State. These factors change the AAV of Council’s rate book and hence flow into the calculation of rates. The last full “fresh” re-valuation was performed by the VG as of 1 July 2016. An adjustment was applied on 1 July 2019, and this has been the basis for our rates calculation since then. The new adjustment will apply from 1 July 2022 and will be the basis of our rates calculations for the 2022/23 financial year.
A” fresh” revaluation will make individual valuations of each property. The adjustments between these valuations adjust all properties in each of the various classes of property by the same amount.
The adjustment (indexation) factors, as determined by the VG are as follows:
The latest adjustment applies differing levels of indexation between property classes. As a result, some classes, such as rural, will experience an increase in the general rate greater than 4%, when compared to 2021/22. Other classes may experience a decrease. The minimum rate per property has been increased for all property classes. If the property is paying rates on the basis, they will experience an increase of approximately 4%.