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Rates
98. Rateable values are derived
from the expected amount of rent that a property can
achieve in the open market.
They are thus subject to fluctuation in line with
market conditions. As
a result, rateable values on properties had fallen for
several successive years since 1999?000, with
an average accumulated decrease of about 39 per cent. In
the latest revaluation exercise, the rateable values
increased for the first time in six years by about 7 per
cent on average. The
rates charge will remain unchanged at 5 per cent in
2005?6. We
expect that about 65 per cent of ratepayers will see an
average increase in their rates bill of around $
40 a
month.
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