Shire of Broome 2022/23 Rates
Published on 20 May 2022
Council considers how much it needs to raise in rates when preparing the annual budget for the coming financial year. The total amount of money to be raised in rates is divided by the total value of all rateable properties within the Shire, and the resulting figure is called the 'rate in the dollar' (RID).
The formula for calculating the rates for an individual property is the property valuation multiplied by the rate in the dollar set by Council.
The Shire of Broome imposes differential rates, which are simply a different rate in the dollar for different categories of rateable land, such as GRV Residential, GRV Vacant and UV Rural. The differential rates to be imposed and objectives and reasons are currently advertised, and written submissions from electors and ratepayers on the proposed rates are invited for 21 days, to 6 June 2022.
Differential rates help to distribute the burden across all rateable properties, depending on each property’s value in relation to all other rateable property values in the Shire.
The State’s Valuer General sets the values used to calculate individual rates according to the Gross Rental Value (GRV) a property could raise if rented, or unimproved values (UV) for properties outside of the built-up area.
Properties are revalued every three years, and new valuations will apply to all properties within the Shire of Broome from 1 July 2022. Property owners can appeal the valuation on the rates notice once it is issued.
GRV property valuations have increased on average 26% for the coming financial year, but this doesn’t mean your rates will increase by 26%. The proposed RID for each rating category reduces this impact so that the total rate revenue Council collects is as per the annual budget.
Depending on the change in valuation multiplied by the new rate in the dollar, some property rates may increase, remain consistent with prior years, or even decrease.