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IOLProperty - South African Property For Sale
Tuesday Feb 05, 2013

Cape Town property valuation roll due in 17 days

Cape Town property owners will receive their properties' new values in 17 days time - figures on which their new rates bills will be calculated in future.

The General Valuation Roll 2012 (GV 2012) was released yesterday in terms of the Local Government: Municipal Property Rates Act 6 of 2004. The valuation roll will be published on the city's website from February 21.

The Municipal Property Rates Act states that properties must be valued at market value - which it defines as "the amount the property would have realised if sold on the date of valuation in the open market by a willing seller to a willing buyer".

The GV 2012 has a valuation date of July 1, 2012, meaning that the properties are valued at the market rate on that date. Property rates based on the GV 2012 valuations will be billed from July 1, 2013.

Deputy Mayor Ian Neilson, pictured, announced yesterday there were 815 676 properties on the GV 2012 roll with a total value of R913 billion - an approximate increase of about 13 percent over the total value of the GV 2009.

The number of properties has increased by 39 925 since 2009, he said.

The city reported that legislation allowed "any person to lodge an objection against the valuation of any property on the valuation roll if they believe the valuation is incorrect". "An objection must be motivated well. Valuations on the GV 2012 were derived from sales that occurred around the valuation date (July 1, 2012) and it is, therefore, best for an objector to motivate his or her objection by using information about sales which occurred around that date... Objectors can use this information to identify the properties sold comparable to their own properties and to motivate their objections in this way," the city said.

The GV 2012 will also be made available for inspection at 17 public inspection venues across the city.

The city said the objection period started on February 21, but warned that it ended on April 30, and that "late objections will not be accepted".

Explaining how the valuations were calculated, the city said they made use of a computer modelling program that used sales data, aerial imagery and other property information (for example the property's location, size, number of rooms, outbuildings, general condition, quality and view) to determine the value of a property. The results are then reviewed by property valuers and adjusted if necessary.

Cape Argus

 
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