Rating information Rating statement on ordinary rates and Catchments Remediation Rate
The Independent Pricing and Regulatory Tribunal (IPART) is responsible for setting the maximum increase in general income councils can receive each year. Known as the rate peg, on 13 December 2021 IPART set the 2022/23 peg for Hornsby Council at 0.7%. (For more information, see ipart.nsw.gov.au) For the first time for 2022/23, the rate peg includes a population factor that varies for each council in NSW depending on how fast its population is growing. IPART has set the 2022/23 rate peg for each council at between 0.7% and 5.0%, depending on its population factor. The population factor ranges between 0% and 4.3%. Hornsby Council’s rate peg has been set at 0.7% and includes a population factor of 0%. The Minister for Local Government, in response to financial sustainability concerns raised by the Local Government sector from the rate peg, announced a one-off opportunity for the 2022/23 financial year for an additional special rate variation for 2022/23 which:
is the lower of 2.5% or what is in a Council’s published Long Term Financial Plan (LTFP) (inclusive of the 0.7% rate peg) can be applied to the 2022/23 rate base then reversed in 2023/24 can be applied to the 2022/23 rate base and remain as a permanent increase.
The rate peg published in Council’s LTFP is 2.28%, therefore this is the maximum total rate peg that can be requested. On 29 April 2022, Council applied to IPART for a 2.28% increase to the rate base for 2022/23 and to remain as a permanent increase. On 20 June 2022, IPART advised Council that its application for an additional special rate variation was approved and that Council’s rate increase for 2022/23 is set at 2.28%. The 2.28% increase applies to the combined Ordinary (Residential, Farmland, Business, CBD Business and Shopping Centre Business) Rate and the Catchments Remediation Rate. At its meeting of 29 June 2022, Council determined the rating structure set out in the table below: The following rates in the dollar have been calculated on the 2.28% rate increase for 2022/23:
Category Residential Business Hornsby CBD Major Retail Shopping Centre Farmland Total
Number of Properties
Min Rate Number of $ Minimums
Property Value Minimums
52,016
Base Amt $
GR
GR Yield $
CRR
CRR Yield $
Total Yield $
$595
0.105264
62,996,080
0.010346
3,149,735
66,145,815
2,126
$625
1,057
86,430,299
0.359841
4,878,641
0.019381
243,933
5,122,574
507
$625
106
9,321,213
0.487535
2,486,303
0.024582
124,313
2,610,616
1.460226
1,279,289
0.073011
63,964
1,343,254
636,028
0.006249
31,801
667,830
5 313 54,967
$595 1,163
95,751,512
0.088385
$72,276,342
$3,613,746 $75,890,088
Rates are levied on properties in accordance with their categorisation. Properties are categorised as Residential, Business or Farmland based on their dominant use. The Hornsby CBD and Shopping Centre sub categories of the Business rate are levied on properties located within defined areas. Maps of the different rating areas are available for viewing at Council’s offices by arrangement – please contact Council’s Rates Administrator on 9847 6650.
DELIVERY PROGRAM 2022-2026 INCLUDING THE OPERATIONAL PLAN 2022/23
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