Kiama Council has increased its rates by a net of 4.2 per cent for the 2023-24 financial year.

The increase is smaller than the allowable 5.1 per cent rate peg set by the NSW Government, but has been adjusted to 4.2 per cent due to the Additional Special Variation (ASV) Kiama Council was granted for 2022-23.

 Rates are determined using the below formula:

Land Value x Rate in $ = Amount + Base Amount = Total Rate Bill

The rate peg is the maximum rate each council can set for the upcoming year, which applies to general income rather than an individual ratepayers’ rates.

The rate peg is determined for each council using an index that measures the average costs faced by NSW councils and a population factor based on population growth.

Kiama Council said in a statement that the rate rise was needed to fund ongoing services, work and activities, which were outlined in its delivery program and operational plan.

Kiama Council also noted that other charges on rates remained the same, including a $25 stormwater levy for residential homes. Waste charges also remain unchanged while Council completes a review of its waste services.