Monday, June 23, 2014

Council budget: rate increases by suburb

Cairns Regional Council budget was released this morning: Special Meeting - 23 June 2014.  The rate in the dollar for residential land has increased by 1.5%.  However that doesn't take account of valuation changes where as previously posted there was some disparity between suburbs.

While valuations for most suburbs remained unchanged there was a group where valuations increased, particularly Edge Hill and Whitfield. Valuations increased in Gordonvale however the median remained below the minimum rate level so the 1.5% increase applies also. There will be an equal number of properties above and below the median valuation.

So here are the rate increases by suburb based on the changes in median land value for each suburb from the Valuer-General:

Note that this is only the general rate component and not service charges such as garbage and sewerage where a 1.5% increase will apply to all residential properties. That will reduce the percentage increase in total rates and fees for the suburbs with higher general rates increases.
Don't start me on why Cairns continues to resist averaging over three years to smooth volatility in valuations. Almost all other comparable councils do so and that methodology also applies to state land tax.
I hope to get around to posting some more graphs and data particularly related to strata in coming days. 

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