Rate capping and revaluations 2016
The State Government’s Fair Go Rates policy sets a cap of 2.5% for the increase in Council rate revenue for 2016-2017.
The cap only applies to General Rates and the Municipal Charge, and is based on the average of all properties in the municipality.
Under the Valuation of Land Act 1960 Council must conduct a revaluation of all properties in the Shire every two years to reflect current market values and 2016 is a revaluation year.
The revaluation causes a redistribution of rates across the Shire’s 23,000 properties however it does not affect the total amount of rate revenue raised by Council.
Here's a quick video that may help explain Rate capping and revaluations explained.
The 2.5% cap applies to the average rates across the whole Shire, not to each individual property.
The 2016 property revaluation has seen different trends in property values across different parts of the Shire.
The total value of all properties in Nillumbik has increased by 13% since the last revaluation in 2014. This means that properties which increased in value by 13% will have a 2.5% increase in rates, reflecting the average for the whole Shire.
Properties which increased in value by more than 13% will experience a rate increase of more than 2.5%. Properties which increased in value by less than 13% will see a reduction in rates, or an increase of less than 2.5%.
More than one-quarter of all properties in Nillumbik will have a reduction in their rates this year.