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Wednesday Feb 06, 2013

Joburg property values are on the up

The total value of properties in Joburg has risen by 50 percent in recent years to almost R1 trillion - and this could mean higher rates bills for residents.

The new property valuation roll is to be open to the public for inspection from February 20, and residents could be in for a shock.

While the new total value includes new developments, new buildings and improvements over the past five years, it's likely that property owners are facing hikes in their rates bills because their property valuation has been increased.

Property owners should therefore closely inspect the roll to check their property values, and object if they feel these are too high. Rates are calculated on a percentage of the value of the property.

The City of Joburg's last general valuation roll dates from 2008. This roll was amended regularly by supplementary valuation rolls, including one issued in May last year and another in September.

Of the 14 000 objections logged against the supplementary roll, which included huge hikes for some property owners, 8 500 have been closed, with the balance due to be finalised by the end of this month.

The new general valuation roll will be open for public inspection and objection from February 20 to May 3.

Once the roll is finalised, it will come into effect from July 1. "The latest valuation project determines the market value of all properties as of July 2, 2012 and indicates the most probable (selling) price (for) a property," said a statement from the council.

The Star

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