THE ACT's richest suburbs will enjoy residential rate cuts this financial year, while less affluent areas in the ACT face significant rate hikes in tough economic times.
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The ACT Government's summary of single standard residential property rates reveals blue-ribbon inner south suburbs - including Griffith, Forrest, Deakin, Barton, Red Hill and Yarralumla - will have residential rates cut over the financial year. Barton residents will enjoy the biggest rate reduction in both dollar and percentage terms, with charges set to fall 2.87 per cent - or an average of $91.70 per annum.
Home owners in Cook face the most significant increase in dollar terms, paying an extra $105.60 a year on average, while Oaks Estate has the biggest percentage jump of 8.53 per cent - or an average of $95.32 a year.
Property owners in Forrest pay the most in dollar terms, despite the rate reduction, forking out an average of $4802.39 each year.
Barton and Red Hill residents will also pay significant sums for property rates, with each attracting average annual costs of more than $3000 after reductions in percentage terms are applied.
After applying the average reduction of 0.16 per cent for the 2011-12 fiscal year, south Canberra had the highest average rates of any ACT region at $2578.51.
Gungahlin remained the cheapest place to pay rates at an average of $1219.57 after an increase 3.68 per cent was applied.
Tuggeranong has the biggest hike in percentage terms, increasing by an average 5.55 per cent, Weston Creek was up by 4.79 per cent, Belconnen by 3.98 per cent, Woden Valley by 2.81 per cent, and North Canberra by 2.82 per cent.
The average residential rates charge across the ACT will rise from $1459.30 to $1510.62 - an increase of $51.32, or 3.52 per cent.
