About Capital Improved Value
The Capital Improved Value is multiplied by the rate in the dollar to calculate the general rates to be paid by each assessment.
For 2023/24, the following differential rates in the dollar are:
- Vacant Land Differential Rate: 0.0045686
- Derelict Land Differential Rate: 0.0045686
- Retirement Village Differential Rate: 0.0011422
- Residential Differential Rate: 0.0015229
- Commercial Differential Rate: 0.0038072
- Industrial Differential Rate: 0.0040356
- Cultural and Recreational Lands Act Rate: 0.0015229
How it is calculated
For example: the rates for residential property are:
$750,000.000 (The CIV valued)
x 0.0015229 (the differential rate or rate in the dollar)
= $1,142.17 (annual rates payable).
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