About Capital Improved Value
The Capital Improved Value is multiplied by the rate in the dollar to calculate the general rates to be paid by each assessment.
For 2022-23, the following differential rates in the dollar are:
- Vacant Land Differential Rate: 0.0045921
- Derelict Land Differential Rate: 0.0045921
- Retirement Village Differential Rate: 0.0011480
- Other Land Differential Rate: 0.0015307
- Commercial Differential Rate: 0.0038268
- Industrial Differential Rate: 0.0040564
- Cultural and Recreational Lands Act Rate: 0.0015307
How it is calculated
For example: rates are calculated on land used for cultural or recreational use.
$750,000.000 (The CIV valued)
x 0.0015307 (the rate in the dollar)
= $1,148.03 (annual rates payable for that land).
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