Rates vary from Council to Council, but all are based on the Net Annual Value. As an example here is how property rates are raised in my City of Yarra.
Your rates bill is calculated by multiplying your property’s
Net Annual Value (NAV) by the rate in dollar (5.58179). For residential properties the NAV is 5% of the CIV (which is the
Capital Improved Value or total market value of your house and land). The rate in the dollar is calculated by dividing the
total valuations of all properties in Yarra into the $47,165,530 needed by Council to deliver its services.
The following example illustrates how a rate bill is calculated for the median property in Yarra.
The Median Residential Value is $330,000 5% of $330,000 (CIV) = $16,500 (NAV)
$16,500 (NAV) x 5.58179 (rate in the dollar) Rate bill = $921.00
As for land tax and others in the State of Victoria, look up the State Revenue Site on
www.sro.vic.gov.au