4 factors changing your rates this year –

Subcategories

At its Ordinary Meeting on 20 September 2022, Council revised the area of the Narrandera Residential and Business rate subcategories that will apply from July 2023. This revision expands the area identified as benefiting from Narrandera services and adjusts distribution of the rates amongst those assessments. The expanded area will see the Narrandera Residential subcategory increase by 257 assessments to 1994, and the Narrandera Business subcategory increase by 40 assessments to 248.

Revised Rating Method

Following from the rate subcategory revision, it was recognised that high-value properties currently paying the Ordinary rate at 67% of the Narrandera rate may be impacted when combined with the Narrandera assessments. To minimise this, the expanded area was modelled using both the Minimum rate and Base rate methods. As a result of this modelling, Council resolved that:

• Narrandera Residential rates will move to a Base rate method with a 40% base component.
• Narrandera Business rates will retain the Minimum rate method with a minimum rate of $570.

The revised rating methodologies will commence in July 2023 to coincide with the expanded subcategory boundaries.

New Valuation

The NSW Valuer General is responsible for providing independent and impartial land values for use by the State Government and councils for taxing and rating. Valuers have determined the 1 July 2022 land values for over 2.6 million properties across NSW. The land values reflect the property market on 1 July 2022. Land values do not include the value of a home or other structures. Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. Notices were issued from January 2023. Councils receive new land values for rating every three years. Land values are one factor used by councils to calculate rates.

Revenue Policy 

At its Ordinary Meeting on 20 June 2023, Council adopted the 2023-24 Operational Plan, incorporating the Revenue Policy for 2023-24. Council has historically adopted the maximum rate increase available under rate pegging legislation to remain financially viable. The rate pegging limit for 2023-24 has been set at 3.7%, increasing the existing ordinary rate revenue by approximately $203,136.