XN000022-1991-03-19 — Page 3

2

TUESDAY, MARCH 19, 1991

SOME

THE VALUATION LISTS CONTAIN ABOUR 1,135,000 ASSESSMENTS,

THE TOTAL NUMBER OF UNITS ASSESSED IS ABOUT 1.8 MILLION, WITH A TOTAL RATEABLE VALUE OF ABOUT $169 BILLION.

OF WHICH ARE BLOCK ASSESSMENTS.

THE LAST REVALUATION WAS IN 1988 WHEN THE LISTS CONTAINED ABOUT 966,000 ASSESSMENTS WITH A TOTAL RATEABLE VALUE OF ABOUT $78 BILLION.

IN ORDER ΤΟ RATEPAYERS

REGULAR REVIEWS OF RATEABLE VALUES ARE IMPORTANT ENSURE THAT THE RATES BURDEN IS DISTRIBUTED FAIRLY BETWEEN IN RELATION TO THE CURRENT RENTAL VALUES OF THEIR PROPERTIES.

BASED ON RENTAL VALUES AT THE EXISTING RATRABLE VALUES ARE OCTOBER 1, 1986 WHEREAS THE NEW ONES ARE VALUED AT JULY 1, 1990.

VARY

ON AVERAGE, INCREASED ΤΟ DUE

CHANGES

DEMAND,

RATEABLE VALUES IN THE NEW LISTS HAVE, BY 85 PER CENT BUT INCREASES WILL TRANSPORTATION AND OTHER INFRASTRUCTURE.

IN

THE

IN ORDER TO SOFTEN THE INITIAL IMPACT OF THESE INCREASES,

HAS PROPOSED BOTH FINANCIAL SECRETARY, IN HIS RECENT BUDGET SPEECH,

THE RATEABLE VALUES FROM TO REDUCE THE PERCENTAGE RATES CHARGED ON

LIMIT ON INCREASES SO 7.5 PER CENT TO 5.5 PER CENT AND TO IMPOSE A

THAN 25 PER THAT RATES FOR ANY PROPERTY IN 1991-92 WILL NOT BE MORE CENT ABOVE THE AMOUNT PAYABLE IN 1990-91.

THE INCREASE IN RATES

SUFFICIENT REVENUE FOR THE

REVENUE GOVERNMENT

HAVE BEEN

AND THE URBAN AND

DESIGNED

то

RAISE REGIONAL

COUNCILS. ESTIMATED RATES REVENUES FOR 1990-91 FOLLOWS:

AND 1991-92 ARE AS

1990-91

1991-92

INCREASE

$M

SM

$M

URBAN COUNCIL RATES

2,380

3,300

920

REGIONAL COUNCIL RATES 1,455

1,650

195

GENERAL RATES

3,085

3,520

435

6.920

8.470

1,550

THE NET EFFECT OF THESE CHANGES WILL BE THAT:

ABOUR EIGHT PER CENT (150,000 UNITS) WILL HAVEA REDUCTION CHANGE IN RATES;

ABOUR 57 PER CENT (1,010,000 UNITS) WILL EXPERIENCEAN THAN 25 PER CENT; AND

ONLY 35 PER CENT (620,000 UNITS) INCREASE.

OR NO

INCREASE LESS

WILL EXPERIENCE A 25 PER CENT

INCREASES FOR