![]() The rating category or sub-category is shown on your Rate Notice. Catchment remediation rate - ad valorem (rate in the dollar).Ordinary Rate for Residential and Farm Land – ad valorem (rate in the dollar) subject to a minimum plus a base amount.Ordinary Rate for Business, Business CBD – ad valorem (rate in the dollar) subject to a minimum.In Hornsby area the rates levied consist of the following rate types: This happens every time a new valuation is applied to a Council area. This is the reason why rates can increase by larger, or smaller, amounts than the rate pegging percentage determined by IPART. The new Land Value that applies to any individual property may vary, and in many instances significantly, from the average land value increase across the local government area. All councils in NSW are restricted by legislation, called rate pegging, as to the amount of increase in total rate income that can be applied each year. In any year when new valuations apply to a local government area, the rate in the dollar has to be recalculated in relation to the increase/decrease in land values across the whole of the area. Rates are principally calculated by multiplying the land value of a property by a rate in the dollar, subject to a minimum/base rate payable. Councils receive new land values for rating every three years. The Valuer General supplies land values to councils to use in setting rates. ![]()
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