Rates are calculated by multiplying the Capital Improved Value (see below for explanation) of your property by the rate in the dollar that is set each year by Council.
There are three rate categories, being the general/residential rate, farm rate and commercial/industrial rate. A different rate in the dollar is charged in each category.
The general rate is charged on most residential properties.
The farm rate is a lower rate which is equal to 73% of the general rate (see link to policy below for further detail)
The Commercial/Industrial Rate is a higher rate which is equal to 143% of the general rate (see link to policy below for further detail)
This means that the amount of rates you pay depends on the value of your property, as well as the rating category. See examples listed below:
Example 1 – Residential house valued at $350,000
$350,000 x .004901 = $1,715.35
Example 2 – Farming property valued at $350,000
$350,000 x .003578 = $1,252.30
Example 3 – Commercial/Industrial property valued at $350,000
$350,000 x .007008 = $ 2,452.80