Rates
80. Rateable values are derived from the amount of rent that a property can be expected to command in the open market. They are thus subject to fluctuation in line with market conditions. In the latest revaluation exercise, rateable values increased on average by about 9.2 per cent. Although on the rise after falling for several years in the wake of the Asian financial crisis, rateable values are still nearly 30 per cent below their peak. I will keep the rates charge in 2006?7 unchanged at 5 per cent. So, while nearly 80 per cent of ratepayers will see an increase in their rates bill, this will only be about $37 a month on average.
