THE Independent Pricing and Regulatory Tribunal have created a new way in determining local government rates.

The new methodology takes each individual Council area into account and sets the rate peg accordingly.

As a result, MidCoast Council’s rate peg for 2024/2025 period will be 5.2 percent, an increase on the 3.9 percent for 2023-24.

This means Council will be able to increase its total rates by 5.2 percent, however this doesn’t result in all rates going up by that amount.

Individual assessments take into account a range of factors including land value and rating zones.

MidCoast Mayor Claire Pontin welcomed the changes and the early announcement of the 2024-25 rate peg, to assist with developing the budget which guides the delivery of services.

“You cannot have a one size fits all approach to Councils because they are all different,” she said.

“This new methodology takes each Council’s individual challenges into account and sets rates accordingly.”

The new methodology takes into account employee cost increases, forecast inflation and council-specific changes in Emergency Services Levy contributions and population growth.

MidCoast Council’s rate peg for the next financial year is comparable to other nearby local government areas including Coffs Harbour at 5.6 percent and Port Macquarie Hastings at 4.6 percent.