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The NSW Valuer General recently released a Newsletter outlining NSW Land values and rates and how these are calculated based on individual councils. Check out the article below regarding this and how it may affect you. You can also head to their website www.valuergeneral.nsw.gov.au for more specific information for your suburb. Here’s what the newsletter had to say:
The Local Government Act 1993 (the Act) provides flexibility for a council to provide a rating structure that distributes rates equitably between its ratepayers. Councils can choose the combination of rates, charges and fees and pricing policies that area appropriate for their area and community.
Each council has a revenue policy that sets the rates and charges it needs to fund the services it provides to the community. Councils use land values to distribute rates across the local government area. This is done in one of the three ways:
The income councils can make from rates is capped in a process called rate pegging. The rate peg limit is set by the Independent Pricing and Regulatory Tribunal (IPART) each year. Councils must ensure their total income from rates does not grow above the limit set by IPART, even if land values rise.
Contact your council for more information on how your rates are calculated.
1 July 2016 land values will be first used for rating from 1 July 2017.
Either on your Notice of Valuation or visit www.valuergeneral.nsw.gov.au to use their land value search facility or access land values across NSW or call them on 1800 110 038.
Visit www.valuergeneral.nsw.gov.au for information about 1 July 2016 land values including interactive land value summaries showing:
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