Calculating Your Rates
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As part of its budget process, Council determines the amount of total revenue it requires to raise from rates. Property valuations are used as the basis for levying rates and therefore each property’s contribution to Council’s overall rate revenue is determined by its valuation.
The Warrnambool City Council uses Capital Improved Value (CIV) as its valuation base. CIV = the total market value of the land and any improvements (buildings etc) - for more information refer to the valuation of Land Act 1960.
How are general rates calculated?
The formula for calculating general rates, excluding any additional charges or arrears, is:
General Rates = Valuation x Rate In The Dollar.
(details of the council valuation of your property are displayed on your rate notice).
For Council the general rate calculation for the 2011/2012 year on a residential property valued at $304,000 would be:
Capital Improved Value - $304,000
Rate In the Dollar (Residential) - 0.003049
$304,000 x 0.003084 = $926.89*
*This figure excludes the Waste Management Service Charge of $253.00 and Municipal Charge of $201.00
Council has determined 2011 - 2012 Rates and Charges as part of the budget process for the forthcoming year. Your rate notice will show how your rates are calculated, and will include any other charges eg. waste management/municipal charge.
Special rates or charges can be applied by Council to raise funds for a particular purpose or project, provided it meets certain legislative criteria. Council currently has no Special Rates and Charges due to be levied.