Update on Fire Service Levies & Reforms

FYI! Fire Service Levies and Reforms Update – Increases in levy rate 1 July 2017 – confirmed! As expected, the government confirmed the fire service levy rate increases at the end of March. This increase will now be for an initial 18 month period until the new levy rate can be determined for the new regime which will come into effect from 1 January 2019. The increases are: – Residential property insurance levy – an additional $30.00 per annum for residential buildings and $6.00 per annum for contents. Levies on the existing caps of $100,000 for dwellings and $20,000 for contents continue – Motor vehicles (less than 3.5 tonne) – an increase of $2.37 per vehicle per annum – Commercial property (non-residential) – rate increase from 7.60 cents per $100.00 insured to 10.60 cents per $100.00. No cap on the increase. In short – landlords, ensure you are realistic when setting rents as outgoings are high, and tenants, be cautious when budgeting as hidden costs are creeping in! For more information head to https://www.crombielockwood.co.nz/newsroom/update-on-fire-service-levies-and-reforms-april