Council rating windfall
28 Feb 2017
The City of Melbourne is to collect an extra $2.3 million in rates from the Port of Melbourne following a revaluation of the port.
Last year’s revaluation nearly doubled the port’s net annual value (NAV) from $69.1 million to $128.2 million.
Last year the port won a Supreme Court case which reportedly cost the Victoria Government up to $9 million per year in land tax.
But, while the State Revenue Office is dealing with an 80 per cent drop in revenue, the council has managed a substantial windfall.
A spokesperson said: “Earlier this year, the City of Melbourne completed its 2016 biennial revaluation of the Port of Melbourne.”
“The rental and capital valuations of the port have increased, and this has led to a rise in the rates charged.”
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