"We know that many residential and commercial property owners have either lost their jobs or had their incomes reduced as a result of the shutdown of workplaces and businesses," the Lord Mayor said.
"We have fast-tracked our policy to provide options to defer, reduce or waive rates and charges levied on a property – depending on the severity of the financial impact.
"If you are facing genuine financial hardship in paying your rates, fees or charges we urge you to contact council to discuss your individual circumstances. Our phone lines are open and we have staff available to support you."
Applications will be open from Monday 30 March 2020 and ratepayers seeking support can contact 9658 9658. Small businesses should press 1 to speak to the COVID-19 Business Concierge Hotline.
Deputy Lord Mayor Arron Wood said Council has endorsed an economic package that includes 14 initiatives to support businesses.
"As the closest level of government to the people, we are acutely aware of how devastating this virus is for our residential and business community, " the Deputy Lord Mayor said.
"We want to send a message that we know you are going through hard times. If you are worried about your ability to pay your rates on time, please get in touch with our support hotline."
"We will soon announce details of a virtual summit for business leaders. We need to help our business community survive this shock so they can power our economy for decades to come."
For the purpose of the rates financial hardship policy, financial hardship is considered a change in circumstances which will affect the long-term ability of a ratepayer to pay rates and charges.
Yearly rates notices are issued in August. For ratepayers who pay via instalment, the fourth installation due date is 31 May 2020. Businesses that fall behind on rates and charges can request that interest be waived if they are unable to pay their next instalment.
In the case of hardship, a request of assistance from Council must be made in writing, including the details of the circumstances preventing the ratepayer from meeting their financial obligation to Council.
Council will advise of its decision in writing within 14 days for a person or within 21 days for a Body (small business) after receiving an application for financial hardship consideration, once all relevant information has been provided.
Rates are set by the Victorian Government and help to fund the delivery of vital infrastructure and community services such as waste and recycling.
The City of Melbourne has also announced it will temporarily suspend fees such as street trading and outdoor dining area permits to support businesses affected by the COVID-19 virus.