In 2016, the Victorian Government introduced rate capping, a system that determines the amount a council can increase rates.
For 2024/25 the State Government applied a rate cap of 2.75%.
To help fund our works and services program, a 2.75% increase has been applied to the 2024/25 budget.
How is the rate cap calculated?
If the total rate revenue collected in the 2023/24 financial year was $10,000,000, the maximum that can be collected in 2024/25 would be $10,275,000. That’s 2.75% more than the previous year.
The rate cap does not apply to:
- waste charges
- the Fire Services Property Levy.
Could my rates rise by more than 2.75%?
Yes, they could. The rates you pay is impacted by any rate increase and your property’s Capital Improved Value:
- If the market value of your property increases to more than the City of Stonnington average, your rates will increase by more than 2.75%.
- If the market value of your property increases to less than the City of Stonnington average, your rates will increase by less than 2.75%.
Please note: A decrease in the market value of your property does not necessarily mean a reduction in your rates.
More information on rate capping
To learn more about rate capping, visit the Vic Councils website or watch the Victorian Government's 'Fair Go Rates System' video.