The property industry is split over a push to change the way council rates are calculated that would drive up costs for owners of expensive apartments, with some concerned the measures would also hike business costs.the NSW government recently openedA majority of Sydney councils support shifting to a new system. Under the recommendations made by the Independent Pricing and Regulatory Tribunal, rates would more closely match the market value of a property.
"The current system is not broken," said Jane Fitzgerald, the NSW executive director of the Property Council of Australia. Others in the development industry, however, thought a changed system would represent a more efficient way for councils to obtain the funds to pay for community infrastructure.