Rates hike of 7 percent looms
Palmerston North ratepayers face a 7-percent rates increase this year, the just-released annual draft plan reveals.
Tuesday, March 1st 2005, 5:34AM
by The Landlord
The plan actually shows a rate increase of 8.1 percent, but city council strategy manager for finance Steve Paterson said the total rate requirement works out to just over 7 percent for individual ratepayers because of the growing number of properties in the city.For the average Palmerston North ratepayer, it's an increase of $91 annually, or $1.75 a week.
That average ratepayer's property has a land value of $60,000 and capital value of $162,000 and the rates go from $1274 to $1365. Ratepayers with a land value of $180,000 and capital value of $510,000 could face an increase of $304, from $2309 to $2613. The average rural ratepayer faces a bigger increase - $264 a year. Rates are projected to rise from $1121 to $1385 on a property with land value of $448,000 and capital value of $898,000.
Palmerston North's general rate has been based on land value, but after reviewing the rating system, the council is proposing a mix of land value and capital value.
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