Rates

Evening PC

Just wondering how I can 'guess' what my QLD council rates will be for the year ? I have one in BCC and one in Moreton Bay Council ?

I had assumed I would get the bill straight up but haven't seen one yet and I am setting up my pay variation.

thanks

Logan

 

Council rates are usually capped from year to year by a independent review. Take LY and assume same. The extra for inflation is not material.

 

Sorry @Paul@PFI what is 'LY' ?

 

Last year

 

thanks @BennEznElle these are all new IPs so I have not received rates yet.

 

Fair enough, was there a council rates adjustment on your settlement statement? This may give you a quarterly, half yearly or annual figure to work with. Otherwise you could give the council a call and ask them to give you an estimate.

 

Did you calculate the annual rates in your cash flow summary before you purchased?

Inc water bills, my 2 in Logan council are approx 600-800 per qrt, if that helps..

 

I made very generous estimates for my calculations. I am now trying to refine those

 

Sounds similar to Logan shire, of 3 houses in Moreton Shire, our rates are 385 to 395 and water/sewerage varies on usage but base rate that we pay for all is 277 plus water use which is passed on, these bills range from 362 to 479. ( That's because the water tastes soooo much better up here, NOT) Double that for duplex. In BCC , rates are 393 and water/sewerage base 176 + tenant pay for water.
Not sure if you are interested but we use Mr A Electrics for all Moreton IPs smoke alarm checks for 39.50,

 

Copy of rates notice was attached to contra

A copy of the prior owner annual rates notice would be attached to the contract you signed.

 

thanks SueA

I have already had my smoke done !

 

If you've only just bought your IP, assume you probably won't see a council rates notice till the start of next financial year. Current financial year would have been done as part of settlement calcs. Your conveyancer that handled the purchase can clarify if needs be.

Other points to note:

- You don't automatically get a copy of council rates attached to contracts of sale in all states, which is a shame.
- If you incorrectly estimate holding costs on your PAYG tax variation, you may have to pay the ATO some interest.
- If you assumed for a freestanding house that annual council rates are at least $1400 then you won't get such a big shock next financial year
- Assume council rates will rise 11%+ per annum.