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 rates to rise by LESS than 3.8 per cent.
If your latest land valuation increased by more than 74 per cent, you can expect your rates to rise by more than 3.8 per cent, but not outrageously so.
That’s because, council rates will increase by 3.8 per cent in total, as set by the Independent Pricing and Regulatory Tribunal (IPART).
Which makes a 74 per cent land valuation increase the sweet spot for a 3.8 per cent increase.
As explained in earlier posts, the NSW Valuer General’s 2022 land valuations were posted out to Central Coast residents this month and Council must set its ad valorem rate based on those figures.
Council rates next financial year are based on an ad valorem rate of 0.00204849 for every dollar your unimproved land is worth.
“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,” Council said.
“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.
The annual rate notice is issued at the end of July each year.
Council says it will have a rates calculator on its website in May.
The rates for the next financial year is still an estimate contained in the council’s draft operational plan which is currently on public exhibition.
This draft is open for public comment until May 1.
Go here to read the operational plan – which outlines all increases in fees and charges, general rates and water rate increases; the capital works program and KPIs for council’s different departments.
The coast has no councillors and is under administraton until elections in September 2024.