How your rates are calculated
Handy info on your rates notice
- To see how rates for your property are calculated, refer to the 'post-it' note on the front of your 2018–19 rates notice – it shows how the rates on your specific property are calculated.
- The 4 rates instalment amounts shown on the front of the rates notice equal the annual total due for 2018–19.
Capital improved value (CIV)
Like most councils in Victoria, we use a property's Capital Improved Value (CIV) to calculate rates. This is the property’s value including site value (land), buildings and other improvements.
Rates-in-the-dollar for 2018–19
When drafting the budget for the financial year, we calculate how much income we need to provide essential services and facilities for that year. This income is divided by the total CIV of all properties in the shire and is then known as the 'rate in the dollar'.
Each property class (see table below) has a different rate in the dollar. Rates are then calculated for each property by multiplying its CIV by the rate in the dollar.
| Levy | Rate in CIV ($) | Description |
|---|---|---|
| Urban rate | 0.002893 | Land with a dwelling in the Urban Growth Corridor except in Lakeside Estate. |
| Urban commercial and industrial | 0.003958 | Commercial, retail and industrial properties in the Urban Growth Corridor. |
| Lakeside residential | 0.002948 | Land with a dwelling in Lakeside Estate. |
| Lakeside vacant land | 0.006367 | Vacant residential land in Lakeside Estate. |
| Urban agricultural land | 0.00232 | Farms of 40 or more hectares in the urban growth corridor. |
| Urban vacant land | 0.006367 | Vacant residential land in the urban growth corridor and not in Lakeside Estate |
| Agricultural land | 0.002048 | Farms of 40 or more hectares outside the urban growth corridor. |
| Base rate | 0.002728 | All properties that do not fit into any of the types above. |
Formula for calculating rates
An example
The owner of a property with a CIV of $500,000 in the Urban Rate category (0.002893) will pay $1,446.50 in rates.
The calculation is:
$500,000 x 0.002893 = $1,446.50 (excluding extra waste service charges).