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Council to Seek Feedback on Capital Value Proposal
Council to Seek Feedback on Capital Value Proposal
31 JULY 2014
Council today sign off a
proposal to change to a capital value rating system, which
will go out for public feedback from 8 August.
Council’s current rating system based on land value, determines how much each property owner pays based on the value of their land. A change to a capital value system would mean rates are determined by the value of the land plus what on the land (e.g. a house or building). As part of the proposal, a change to capital value would be phased in over 10 years.
Every Hamilton ratepayer will receive personalised information about how a change would affect them and anyone can have their say on the proposal between 8 August and 8 September. Information will also be available online where ratepayers can use the rates calculator to see how a change would affect them.
A change to capital value would not result in more revenue collected by Council, as it is just a different way of dividing the ‘rates pie’. No decisions have been made yet, and it’s important the community have their say so Council can understand their views and take them in to consideration.
For further information on the proposal visit www.hamilton.govt.nz/ratingreview
ends
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