IPART has made major changes to the methodology to apply from the rate peg for the 2024-25 financial year.And it has recommended the NSW Government commission an independent review of the financial model for councils in NSW.The new method for setting the rate peg is simpler than the old method. See screenshot at the bottom of the story.It goes from a two year lag on actual … [Read more...] about How your rates are going to calculated
Rates
CEO v Resident on due process
CEO David Farmer has outlined in a four page letter to IPART that he supports a change in methodology for rate pegging. "Overall, the proposed changes are a step in the right direction towards allowing councils to adequately increase their income from rates to support the increases in costs to provide services to the community," Mr Farmer said. "The proposed changes to the … [Read more...] about CEO v Resident on due process
Selling 72 properties to recoup $1.5M
Council wants to sell 72 properties to recoup $1.5M in unpaid rates. "The proposed process is the last resort after all other debt recovery actions have been exhausted for the identified properties," a report to the April 26 Council-under-Administration meeting states. "Debt recovery actions undertaken to date have met with limited success due to issues such as: • … [Read more...] about Selling 72 properties to recoup $1.5M
Land valuation increased by 74 per cent on average
A 74 per cent increase in the NSW Valuer General's land valuations is the average across the Central Coast, according to Administrator Rik Hart. But that doesn’t mean your rates will rise by that amount. Rates overall will rise by an average of 3.8 per cent. What’s that mean for you? If your NSW Valuer General’s increase is less than 74 per cent, you can expect your … [Read more...] about Land valuation increased by 74 per cent on average
Calculate your rates
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 … [Read more...] about Calculate your rates
