Special Rate Variation Update

Welcome

We want to share with you the information that informed Council's application for a Special Rate Variation in February 2023.

How Your Rates Are Set

Rates are Council’s main form of income and are used to fund community services and infrastructure. 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%.

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.

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 beginning with financial year 2023/24, as well as progress updates of actions included in our annual Operational Plan. Current and previous updates on Council's budget and financial sustainability are available on our website.