Council has confirmed its ad valorem rates in the draft operational plan for next financial year are correct.
Here is council’s explanation for how to calculate your rates based on the new 2022 land valuations sent out this week from the NSW Valuer General.
“The Ad Valorem rate (estimate) as published in the 2023/24 Draft Operational Plan will be applied to the land values as supplied by the NSW Valuer General to calculate the rates payable,” Council said.
“For example, for a Residential property with a Land value of $400,000, the rates payable are calculated by multiplying the Residential Ad Valorem Rate of 0.00204849 by $400,000, resulting in rates payable of $819.39.
“Where this calculation results in an amount that is lower than the Minimum Rate, then the Minimum Rate will apply.
“For 2023/24, a Minimum Rate of $590.62 applies,” Council said.
Don’t forget: Council’s annual rates notice includes the ordinary rates applicable to a property, and an annual charges for waste.
How does land value impact rates?
The NSW Valuer General provides independent land values every 3 years. Council must use these valuations to calculate rates.
“For 2023/24, Council will apply the 2022 land values,” Council said.
“Whilst land valuations have increased significantly in this latest valuation, this does not mean a corresponding increases in rates payable.
“This is because Council must maintain its overall rates income to the permitted increase (3.8% increase for 2023/24). “
Council said that land value changes may, however, result in changes to individual property rates depending on the change value of their land relative to the overall land value change across the local government area.
“To assist ratepayers in estimating the rates for 2023/24, Council will be providing a rates calculator on its website in the coming weeks,” Council said.
In the meantime, if you want to check out your land value increase compared to your neighbours, try out the Valuer General’s nifty map.
Go to this link, agree to all the conditions and hit “view application” which you’ll find on the top right hand side.
You can click on any property to find details on the most recent sale prices and the land valuation.
If you want to have your say on the rates or any part of the draft operational plan to take effect from July one, go here: https://www.yourvoiceourcoast.com/operationalplan2324
Screenshot shows the ad valorem rate proposed for next year compared to this year: you can see it has decreased substantially.
