Objects of and reasons for proposed differential rates for the 2022-23 financial year
Gross rental value
Object
The cents in the dollar ($) for the various differential rates are calculated to provide the shortfall in income required to enable the City to provide necessary works and services in the 2022-23 Financial Year after taking into account all non-rate sources of funding.
Reasons
Residential Improved: the cents in the $ of 6.2668 has been set to ensure that the proportion of total rate revenue derived from residential property remains consistent with previous years.
Residential Vacant: the cents in the $ of 11.7391 has been set to ensure that the proportion of total rate revenue derived from residential property remains consistent with previous years and is higher than residential improved property in an effort to promote development of this category of property thereby stimulating growth and development in the community.
Commercial Improved: the cents in the $ of 6.9784 has been set to ensure that the proportion of total rate revenue derived from commercial property remains consistent with previous years and recognises the higher demand on City infrastructure and services from the activity on commercial property.
Commercial Vacant: the cents in the $ of 11.7391 has been set to ensure that the proportion of total rate revenue derived from commercial property remains consistent with previous years and is higher than commercial improved property in an effort to promote development of this category of property thereby stimulating growth and development in the community.
Industrial Improved: the cents in the $ of 6.3464 has been set to ensure that the proportion of total rate revenue derived from industrial property remains consistent with previous years and recognises the higher demand on City infrastructure and services from the activity on industrial property.
Industrial Vacant: the cents in the $ of 11.7391 has been set to ensure that the proportion of total rate revenue derived from industrial property remains consistent with previous years and is higher than industrial improved property in an effort to promote development of this category of property thereby stimulating growth and development in the community.