How Rates are calculated
The value of your property - in comparison to other properties in Monash - helps determine how much you pay in rates. The State Governments - Valuer General Victoria (VGV) is responsible for producing valuations used by Councils’ and other Rating and Taxation authorities.
To calculate your rates, independent valuers work out the Capital Improved Value (CIV) of your property. From 1 July 2019, the Capital Improved Value of all properties in Victoria is re-assessed annually. The most recent valuation occurred in January 2023. Here is more information about:
To determine the amount you pay in rates, your property's CIV is then multiplied by the 'rate in the dollar'. The 'rate in the dollar' is calculated by dividing the total amount Council intends to raise in rate revenue (($141.231 million in 2023/24) by the total value (CIV) of all rateable properties in Monash.
How are your rates calculated?
Rates calculation brochure: Understanding Your Rates and Valuations(PDF, 433KB)
Differential rates
In 2023/24, Council has again applied a different rate in the dollar for residential properties as compared to non-residential properties (for example, industrial and commercial properties). A different rate in the dollar was also applied in 2022/23.
The difference in rating levels is aimed at fixing an unfair situation whereby residential property owners had been contributing a larger proportion of rates revenue than industrial/commercial ratepayers. This was due to residential properties increasing in value at a greater rate above the value of commercial and industrial properties.
Even with the different rating levels, businesses in Monash are still paying significantly less in rates than businesses in other nearby municipalities.
The rate in the dollar for the 2023/24 year is: 0.00144455 (for residential properties) and 0.00147110 (for non-residential properties).
- Residential example:
Ms Smith's home was valued at $1,000,000
$1,000,000 (CIV) x 0.00144455
(residential rate in the dollar)
Rates Bill = $1,444.55
- Non-residential example
Company x's premises was valued at $1,000,000
$1,000,000 (CIV) x 0.00147110
(non-residential rate in the dollar)
Rates Bill = $1,471.10
Recycling Levy
In addition, Council (as part of its budget considerations), has continued with the Recycling & Waste Levy of $52 on all rateable properties. This levy was introduced in 2018/19, to meet the increased recycling costs imposed on Council as a result of the recycling crisis and State Government Waste Levy increases. All eligible pensioners will continue to receive a Council rebate of $52 to offset this additional levy.
Fire Services Levy
On your rates notice, you will also see that you have been charged a Fire Services Property Levy. This is a State Government levy which is used to fund Victoria's fire services. Council has no role to play in the setting of this levy and does not receive any revenue from the collection of this levy.
More information
Additional information relating to Council’s levying rates and charges and the use of property valuations can be found at the State Government’s “Know Your Council” website