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Property rates in Perth?

Travel Info
According to the website of the council of the City of Perth, the 2006/07 property rate for Residential properties is 5.171 cents per dollar of valuation.

What is this "valuation"?

Travel Tips
The Auditor General conducts periodic reviews of areas to determine the notional value of properties. Rates are applied to this value based on the percentage set be the crackpot local shires. Its all a bit ho-hum, but thats how it goes.
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