Rates adjustment 2018-19

14 result(s) found

What is the issue? What is the issue? A minor error occurred in the calculation of this year’s rates. This was caused by incorrect initial valuation data being provided by the Valuer General Victoria (VGV). Council has since revised its 2018-19 Budget to reduce the rate in the dollar to ensure Council does not exceed the State Government’s rate cap. As a result, rates have been reduced. For 96 per cent of properties, the rate adjustment equates to less than $20. I’ve paid my rates in full. How will the rate adjustment be processed for me? I’ve paid my rates in full. How will the rate adjustment be processed for me? The adjustment has been applied to your rate assessment and will be brought forward as a credit on your next rate notice. Alternatively, you can obtain a refund of the adjustment processed using one of the methods listed below. Please note that refunds will only be available up to 31 March 2019. ·         Cash refunds: Cash refunds up to the value of $82.50 can be obtained over the counter at Council’s Community Links. You will need to bring photo identification as well as the attached letter that you received detailing the adjustment in order to be able to obtain a refund over the Counter. ·         Online: A request can be made online for the refund to be transferred to your bank account within three weeks. Fill in the online form below: Click here to view and fill out the form Please note that rates must have been paid in full in order to request a refund. Are the valuations on the rate notice correct? Are the valuations on the rate notice correct? Yes. The valuation on your rate notice has been certified by the Minister for Planning as correct.  How were the rates charges adjusted? How were the rates charges adjusted? To change the declared rate in the dollar Council must revise its budget to ensure it complies with the Local Government Act. Council’s overall budget will not be impacted through this process. All that has changed is the rate in the dollar. Once the new rate in the dollar is applied, rates will be reduced accordingly. For 96 per cent of ratepayers, this reduction will equate to no more than $20. This reduction will be reflected on their next rate/instalment notice. Why wasn’t the adjustment reflected on the rate notice I received in August? Why wasn’t the adjustment reflected on the rate notice I received in August? To change the declared rate in the dollar Council needs to comply with the required process contained in the Local Government Act to revise the budget. This is a lengthy process, and could not be achieved in time for rate notices to be delivered, before first instalment payments were due, in September. Who is responsible for managing general valuations for Yarra Ranges Council? Who is responsible for managing general valuations for Yarra Ranges Council? The State Government’s Valuer General Victoria (VGV) is responsible for managing the valuation process for this municipality. When and how was the valuation discrepancy discovered? When and how was the valuation discrepancy discovered? When applying the 2018-2019 rates to properties in early July, officers noticed that the total certified final valuation was about 0.62% higher than the initial valuation data provided which in turn has generated higher than expected rates income. The rate adjustment is only minor. Why have you gone to the trouble of notifying me? The rate adjustment is only minor. Why have you gone to the trouble of notifying me? Council is committed to charging the correct amount of rates. It is important for us that this is communicated in an open and honest way for all ratepayers. How does property valuation data impact the amount I pay in rates? How does property valuation data impact the amount I pay in rates? Actual rates are calculated by applying the rate in the dollar (that is declared in the budget) to the final valuations that are provided by the VGV. How is the rate in the dollar calculated and how does this affect how much I pay? How is the rate in the dollar calculated and how does this affect how much I pay? In very general terms Council establishes its rate in the dollar by dividing the required rate revenue by the total value of all ratable properties in the municipality. The rate in the dollar is then multiplied by the value of a property to establish the amount to be paid by each property owner.   This amount is known as the general rate. How did the incorrect valuation data impact this year’s rates? How did the incorrect valuation data impact this year’s rates? Each revaluation year, initial valuation data from the VGV is used to calculate the rate in the dollar for all properties in the municipality, to ensure Council can adopt its budget within legislative timeframes. Council then receives certified valuation data in late June to use to apply rates to all properties. When applying the 2018-19 rates to properties in early July, council officers discovered that the final valuation data provided by the VGV was around 0.62 per cent higher than the initial data. This has generated higher than expected rates income. How did the valuation error happen? How did the valuation error happen? The VGV who is responsible for managing the valuation process for Council was unable to provide a conclusive reason why there was a 0.62% variation between initial and final valuations. However they did indicate that changes were being made to their valuation calculation software at the time the initial valuations were provided.