Special Rate Variation Update
Welcome
We want to share with you an update on Council's application for a Special Rate Variation.
How Your Rates Are Set
Rates are Council’s main form of income and are used to fund community services and infrastructure. For the financial year 2024/25, residential property rates are set with a combination of a base amount of $801 and an amount based on the land value. Business rates are set based on land value, with a minimum contribution of $837. Land values are calculated by the statutory independent valuing authority, the NSW Valuer General, which operates with no involvement from Council. Valuations are updated approximately every three years, most recently in 2022. The majority of land values in the Woollahra Municipality have increased over this period, on average by 65%.
View the Flyer: An important update on your rates(PDF, 1MB)
Special Rate Variation approved 2023/24
The Independent Pricing and Regulatory Tribunal (IPART) limits the amount of annual income councils can generate from rates (called rate pegging), unless a Special Rate Variation application (SRV) is approved.
In response to increasing costs, budget deficits over recent years, and with the intention of securing long term financial security, Council lodged a SRV application in February 2023, which was approved by the IPART in June 2023. The approved SRV increase was 13.7% in 2023-24 and 7.5% in 2024-25. The SRV has enabled Council to undertake much needed projects totalling $48.9 million over the next 10 years.
Priority projects to be undertaken with SRV funding over 10 years:
- Increased spending on footpaths and drainage
- Progressing the heritage gap analysis
- Climate Change Adaptation Measures
- Fig tree maintenance
- An additional Open Space maintenance team
- Funding of Open Space strategies
- Digital transformation
- Funding of net finance costs for the Wilberforce Car Park project
Progress updates on these projects will be available in Council's Annual Report. Current and previous updates on Council's budget and financial sustainability are available on our website.
Further Information
Use the links below to access additional information.
Independent Pricing and Regulatory Tribunal (IPART)
Explore below for more detailed information about our budget and our financial challenges, including how we are addressing them