Cape Town property rates announced

The City of Cape Town has opened the objection period on the general valuation 2012 roll on the new proposed property rates.

Deputy mayor and mayoral committee member for finance Ian Nielson said the valuation roll has been made available on the city's website since Thursday.

The proposed valuation, which determines the values of about 800 000 properties in the city, determines property rates for up to four years.

Official notices with the proposed valuations have begun to reach property owners, with all notices expected to be delivered by the end of the month.

Values from the valuation roll will be used as a basis for property rates from July 1.

The city's valuations are based on actual property transactions (sales) that took place in the open market around the period of July 1 last year, Nielson explained, adding that properties were valued through a mass approach rather than an individual one because of time constraints.

Municipal valuation staff feed information into a computer-assisted mass appraisal system, which processes the values. Once the system has come up with the values, they are reviewed for accuracy and adjusted accordingly. The cent in the rand value will be available from the end of next month.

Anyone with objections to the valuation of their property will have until April 30 to submit their claims.

View your property valuation by visiting www.capetown.gov.za/propertyvaluations

Weekend Argus (Saturday Edition)

Posted at 08:38AM Feb 25, 2013 by Editor in Cape Town  |