Your rates are your investment in the local area. Money gained from rates enables Council to deliver and support an extensive range of services and programs as well as maintaining approximately $1 billion of community assets.
Your rates are calculated on the value of your property, which is assessed every two years by Council. The last valuation was in January 2008. Properties with high values pay a larger proportion of the total rates needed, and properties with a low value pay a smaller proportion of the total rates needed. The value of your property is called the Capital Improved Value (CIV) and is based on comparing your property to recent sales of similar properties in your neighbourhood. Council also calculates the Net Annual Value (NAV) of your property, which is 5% of the CIV for residential properties. The NAV is the figure used to calculate rates.
Council then works out how much money it needs to deliver its services and programs to the local community, and to upgrade community assets. It subtracts the money it will receive from fees, charges and government grants. The remaining amount needed is then divided by the total value of all properties in Yarra to give the rate in the dollar. In 2009/10, the rate in the dollar is 0.044480. This rate in the dollar is then applied to your property’s NAV.
For example:
A property’s Capital Improved Value (CIV) is $500,000.
5% of CIV is $25,000. This $25,000 is the Net Annual Value (NAV).
$25,000 X 0.044480 (rate in the dollar)
Rate Bill = $1,112
Further informationAccess Yarra
Richmond Town Hall
333 Bridge Road Richmond
Telephone 9205 5555
Email info@yarracity.vic.gov.au
LinksWithin this site
Yarra City Council
Annual Report, Adopted Budget and Council Plan outlines Yarra's policy priorities, ongoing projects and direction for the next four years.
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Yarra City Council
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