How your rates are calculated
Rates are calculated based on Gross Rental Value (GRV) which is supplied by the Valuer Generals Office. The GRV is the annual rental valuation of the property. Where the property is vacant land, an equivalent GRV, based on 5% of the property value, is used.
The calculation of rates is worked out as follows:
- GRV x rate in the dollar which is 8.16 cents for 17/18 financial year = residential rates.
- GRV x rate in the dollar which was 1.3259 cents for 17/18 financial year = Emergency Services Levy.
- Minimum rate: $1,197
- Late payment penalty interest: 11%
- Instalment administration fee: $39
- Instalment interest: 5.5%
The Town's rate in the dollar is determined when Council sets its annual budget. Prior to adopting the budget, there is a public comment period to give residents and ratepayers an opportunity to express their views about the proposed budget.