Cape Town urges property owners not to panic over new rates

THE City of Cape Town has urged property owners not to panic if their properties' values have increased substantially in the latest valuation.

Property owners will, from Monday, be able to lodge objections if they feel their properties are over- or under-valued.

Property owners have been receiving notices in the post telling them what the market value is of their properties according to the city's four-yearly valuation roll.

Some property owners have already expressed alarm at increases in their property valuations - with the highest yet being 22 percent as reported by a Cape Argus reader.

In response, the office of valuations head, Christopher Gavor, said yesterday: "There are many scenarios that may (have an) impact on the differences between prior values and new values, such as additions, land status changes, conservative or excessive prior values."

There are 1 115 residential neighbourhoods in the City of Cape Town, and properties are valued by a formula which includes each property's attributes, matched against combined recent sale prices in the different neighbourhoods.

Gavor's office stressed: "Owners need to assess whether the current values are accurate and not base objections on respective increases or decreases."

Property owners have two months in which to challenge their valuations. Eighteen inspection centres will be set up to assist with the valuations. Ratepayers can also visit www.capetown.gov.za.

Cape Argus

Posted at 08:45AM Feb 20, 2010 by Editor in Residential  |  Comments[8]