Rates across Hume are calculated annually based on the total amount of money required to provide and maintain essential services and infrastructure for the Hume community.
This income is then divided by the total combined value of all properties in Hume and is then known as the rate in the dollar, which for the 2024/25 financial year is $0.0023285.
Capital Improved Value (CIV)
Council calculates rates for each property by multiplying its value by the rate in the dollar. This is the Capital Improved Value (CIV). The CIV is the total market value of the land plus buildings and any other improvements.
For example, an owner of a property with a CIV of $600,000 will pay $1,397.10 in rates.
The calculation is:
- $600,000 x 0.0023285 = $1,397.10, excluding any extra waste service charges and state government fire services levy.
This formula means that the higher the CIV of a property, the higher the rates for its owner. You can read more about how properties are valued below.