Interim rates are levied at any time when a property is revalued by the Valuer General (VG). The most common reasons for a revaluation are:
- following subdivision or amalgamation of land;
- following the completion of a new build on land;
- following the completion of additions or alterations to an existing building (this includes a new pool);
- following the demolition of a building; or
- that the previous valuation was incorrectly assessed.
In the case of a new subdivision, the property needs to be re-valued by the VG. Once completed, interim rates will be levied and sent to the new owner of the property, a statement of rates would have been sent to the requesting settlement agent. Settlement agents are quite often holding monies in trust to pay rates. Please contact your settlement agent if this is the case.
Whenever a new valuation is received from the VG, the City is required by legislation to apply that valuation, and reassess the rates levied for that property. Any amount already levied for the financial year is taken into account when calculating interim rates, and an interim rate account for the difference is raised.