Your Rates Explained
Did you know:
- About 50% of our income is made up of rates and the other 50% comes from grants, user fees and charges, development contributions and interest on investments.
- The Independent Pricing and Regulatory Tribunal sets the maximum amount NSW Councils can increase their total rates by. For City of Newcastle (CN) this was 3.7% for 2023/24. CN has applied this increase in making its annual budget.
- Every three years the Valuer General is required to revalue all land within the Newcastle Local Government Area. The most recent revaluation took place during 2022/23. These new land values have been used to calculate the 2023/24 rates. The average increase in land values over the three-year period for residential properties is 45% and 61% for business properties.