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Media Response - Rates Valuations

Background:

The Knox Leader contacted Council with questions about rates valuations.

Response:

Victorian Councils are required to limit the annual average rate increase to no more than the annual rate cap that is set by State Government. This rate cap system is administered and monitored by the Essential Services Commission (ESC) and Council is required to report to the ESC each year to confirm compliance with the cap.

In the process of reporting annual compliance data to the ESC, a small error in the annual rates calculation was identified resulting in an average rate increase that is marginally higher than the annual cap.

The result was a 0.06% error in the rate cap, leading to an average rate increase of 2.31% rather than the 2.25% cap. The total amount raised by this additional 0.06% was $57,407, an average of 86 cents per rateable property.

Knox City Council was one of eleven municipalities found to have inadvertently exceeded the annual rate cap and took immediate action to rectify the error and ensure compliance with the cap.

Council is currently processing adjustments, with ratepayers to be credited based on the Capital Improved Value of their property. This will apply to all rateable properties in Knox.

Issued: Thursday 24 January 2019
Quotee: Mayor Jake Keogh

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