A revaluation of rateable properties in Hobsons Bay has found a 17 per cent rise in residential values in the past two years, while values across Maribyrnong rose more than 20 per cent.
The new valuations will be used to determine next year’s rates bills.
As reported by Star Weekly last month, some rates will rise by more than the 2.5 per cent allowed by the state government because of the leap in property values.
Under Hobsons Bay council’s new rating strategy, people whose property value has risen by 14.69 per cent over the past two years will receive a 2.5 per cent rate rise.
Independent valuers for Hobsons Bay found rises of 27.11 per cent in Altona North, 22.83 in Altona, 22.32 in Brooklyn, 20.67 in Spotswood, 20.52 in South Kingsville, 19.47 in Seaholme, 14.95 in Williamstown, 8.51 in Laverton, 6.49 in Seabrook and 6.15 in Altona Meadows.
Mayor Peter Hemphill said the rises in value did not mean the council would reap additional rates revenue.
“A property’s rate increase will depend on how much the capital improved value increases relative to all other properties in Hobsons Bay,” he said.
Maribyrnong properties rose 27.3 per cent in Yarraville, 26.6 in Footscray, 26.4 in Seddon, 25.6 in Maidstone, 23.1 in Braybrook, 22.8 in West Footscray, 22.7 in Kingsville, 21.1 in Maribyrnong and 11.1 in Tottenham.
-with Benjamin Millar
