Tuesday, July 24, 2012

rates ranting revisited

The Blue Marlin Appartment Unit 5. Top floor on righthand side.A quick example of some rates anomalies between different types of property from yesterday's Council budget. Blue Marlin is a small block of 6 units on Vasey Esplanade on 1012 m2. Their land valuation was reduced by 8.7% this year, which is about in line with the average for Cairns as reported in today's Cairns Post : Land valuation swing predicted over next financial year

However, with the valuation rate for unit land being hiked by 23.9% the outcome is a 13.1% increase in the general rate component for owners. A skip and a jump along the street and a free standing house on a small 387 m2 block had the valuation similarly fall 10%. actually the difference between the two is probably in rounding error. The outcome there is a 3% fall in the general rate component.
Same suburb and street. Equivalent valuation outcome. 16% divergence in rates outcome.
The reported comments from Bob Manning in the above link are also interesting: "Mayor Bob Manning said the latest State Government land valuations had impacted rates, with some land values falling by 30 per cent while others rose by 38 per cent." 
I'd sure like to know where the 38% was? As for the values falling by 30% numbers larger than that include Rydges Tradewinds, Holiday Inn, and Vision (Hedley unit block) with associated rate cuts and now some of the lowest comparable valuations on The Esplanade. 





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