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Rates across the City are being reviewed and are proposed to change from July 2021. This proposal will address the current rates imbalance and bring about fairness and equity for all ratepayers. The change has two components:
Currently people pay different rates depending on where they live in the City. This is because we are a merged council. The NSW Government requires all merged councils to implement a new aligned rating system by July 1, 2021. This is called harmonisation. This harmonises minimum rate to $728.18 (residential) and $794.27 (business) in 2021/22. It will also harmonise the rate in the dollar over five years (subject to legislative changes).
To ensure that we provide the services the community wants and deserves, an additional $40 million is needed every year.
It is proposed to apply for a rate variation to generate an additional $40 million per year by 2025/26.This will include an increase to the minimum rate for residential and business properties to $990 over three years and a Special Rate Variation (SRV).Under this proposal, the Bankstown CBD Special Rate will be discontinued.
The calculator will show you the value of each component in each years rate. It also incorporates the estimated rate peg for each year.
Council is aware that the NSW Government may be preparing to release legislation to allow councils to smooth the impact of harmonisation on ratepayers i.e. allowing harmonisation to occur over a number of years. This will fall outside the timeframe of this current IPART process and the contents of the legislation are unknown at this time.