The New Zealand government has announced a new rates cap policy to control rates increases. Annual rates increases will be within a 2-4% per capita range, tied to inflation at the lower end, and GDP growth at the upper end. Minimum increases ensure councils can still fund essential services, like rubbish, roads, parks, and libraries. The cap will apply to all rates but will exclude water charges and non-rates revenue. Councils will also not be allowed to exceed the cap unless approved by a central government regulator, and only in extreme circumstances. The new legislation will be enacted in 2026, the transition period will begin in 2027, and then the full model will be in place by 2029.

Read the full article at: https://www.stuff.co.nz/politics/360905232/government-announces-rates-cap-keep-councils-within-their-means

A “thank you” to NZ Empowered for requesting that this article be put up on The Upper Hutt Connection / Source: Stuff

01/12/25