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Monday Jul 23, 2018

Cape Town property owners have one month to object to valuations

A second supplementary valuation roll has been published by the City of Cape Town, and homeowners have until the end of August to object.

Valuations on the "Second Supplementary Valuation to the 2015 General Valuation Roll for the Financial Year 2017/2018" were available on the city's website from yesterday

The closing date for objections is August 31, says Jerry Margolius of Margin Property Valuation Services, a firm of registered property valuers that specialises in municipal objections and appeals.

Property owners need to be aware of the multitude of Supplementary Valuation Rolls regularly published by municipalities.

"As opposed to the General Valuations roll, which is initially published by the municipality in terms of the Municipal Property Rates Act at the start of the valuation period, Supplementary Valuation Rolls are prepared regularly."

Margolius says many property owners overlook this then have to wait until the next General Valuation. .

The GV2018, based on the values of property understood to be from July 1 this year, is being prepared.

In terms of Section 78 of the Municipal Property Rates Act there are various reasons for a supplementary valuation:

  • A property incorrectly omitted from the valuation roll.

  • A property included in a municipality after the last general valuation.

  • A property sub-divided or consolidated after the last general valuation.

  • A property where the market value has substantially increased or decreased for any reason after the last general valuation.

  • A property substantially incorrectly valued during the last general valuation, or one that must be revalued for any other exceptional reason.

    Should an owner receive a notice of supplementary valuation, or if there have been changes to the property - such as a recent purchase in a development, building alterations, property conversion to sectional title, expropriation of a portion of the property, demolition or any other reason Margolius says there may be a supplementary valuation.

    "Often owners in a new sectional title scheme will receive notice of the valuation equating to the purchase price, or developers are sitting with unsold units.

    "This does not necessarily mean the valuation is correct and is generally never queried.

    "Developers holding stock should also be aware of these valuations. The effective date is August 2, 2015, and not 2018."

    Margolius says this means owners should check the valuation rolls regularly. If an owner hasn't been informed of a supplementary valuation, this may not be a valid reason to plead ignorance of the fact that their property has been revalued.

    Check your valuation here

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