EVERYTHING YOU NEED TO KNOW ABOUT COUNCIL RATES
DID YOU KNOW?
The City of Monash Council has still been able to maintain the lowest average rates of all 79 Victorian councils despite the rates increasing by 2% on average to comply with the State Government’s Rate Cap for 2017/2018.
HOW DO THEY CALCULATE THE RATES?
1. To calculate your rates, independent valuers work out the Capital Improved Value (CIV) of your property. The Capital Improved Value of all properties in Victoria is re-assessed every two years, with the most recent valuation occurring in January 2016.
2. To determine the amount you pay in rates, your property's CIV is then multiplied by the 'rate in the dollar'. The 'rate in the dollar' is calculated by dividing the total amount Council intends to raise in rate revenue ($115.6 million in 2017/18) by the total value (CIV) of all rateable properties in Monash.
3. The rate in the dollar for the 2017/18 year is: 0.0015448 (for residential properties) and 0.0020116 (for non-residential properties).
- Residential example:
Ms Smith's home was valued at $900,500
$900,500 (CIV) x 0.0015448 (residential rate in the dollar)
Rates Bill = $1391.05
- Non-residential example:
Company x's premises was valued at $900,500
$900,500 (CIV) x 0.0020116 (non-residential rate in the dollar)
Rates Bill = $1811.40
WHAT ABOUT THE FIRE SERVICES PROPERTY LEVY?
- On your rates notice, you will also see that you have been charged a Fire Services Property Levy. This is a State Government levy which is used to fund Victoria's fire services.