WHAT a difference a fraction of a percentage point makes.
In this case, it’s very little. But property owners in Moyne Shire should still expect to get new annual valuation rate and charge notices in their mailboxes from September 13 after a tiny error in the original was discovered.
Notices with an issue date of August 24, 2012, were calculated using a rate in the dollar that differed from that in the council’s adopted budget.
Even though the difference was at the sixth and seventh decimal place and involves a variance of just over a dollar on a median-priced residence, the council is obliged to issue notices that are true to the adopted budget.
Moyne Shire CEO David Madden said the difference was less than 0.2 per cent.
The rate for the 2012/13 financial year is $0.00187402, but when the initial notices were calculated the sixth and seventh decimal places were around the wrong way. For a median-priced property worth $300,500, it’s a difference of $1.08.
Mr Madden offered an apology for the error, saying that although it was small it still shouldn’t have been made.
Those who have already paid will have their account adjusted in the next quarter.
All ratepayers will be issued with a new notice by council.