Rating Model for 2019-2020

Rating Model 3 is currently on public exhibition on Council’s website for a period of 28 days. Model 3 varies slightly from the current model in that the total amount collected from properties categorised as ‘Business’ is reduced and, there is a subsequent increase in the amount collected from those properties categorised as ‘Residential’.

The reason for the suggested change is that in the last 12 months 12 per cent of properties that had been categorised as Business were successful in their application to change their rating categorisation to Residential; this leaves fewer properties in the Business category to pay the same amount of the total yield.

Table 1 – this financial year rating model

 

Current Model 2018–2019

Category

Base Rate

Ad Valorem Rate

Total Category Yield

% of Yield

Residential

$210.32

$0.0020439

$687,500

55%

Business

$858.78

$0.0072610

$500,000

40%

Farmland

$219.73

$0.0014326

$62,500

5%

Mining

$644.08

$0.0054457

$0

0%

Sub-Total

$1,250,000

100%

 

Table 2 – next financial year proposed rating model

Model 3 2019–2020

Category

Base Rate

Ad Valorem Rate

Total Category Yield

% of Yield

Residential

$232.68

0.00230618

$767,340

63%

Business

$687.81

0.00551561

$389,760

32%

Farmland

$197.16

0.00121074

$60,900

5%

Mining

$687.81

0.00551561

-

0%

Sub-Total 

$1,218,000

 

To see how the proposed rating model affects you, visit the online calculator on Council’s website at link: www.norfolkisland.gov.nf/finance-and-customer-care/rates.

Property owners are encouraged to submit feedback in relation to the new model and can do so until 4pm Tuesday 23 April 2019.

You can submit feedback by:

Email:              regionalcouncil [at] nirc.gov.nf

Mail:                PO Box 95 NORFOLK ISLAND 2899 or,

In person:     Customer Care Offices located at 9 New Cascade Road

If you have any questions in relation to the proposed Rating Model, please contact Customer Care on local Freecall 0100 or, by emailing customercare [at] nirc.gov.nf