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Monday Apr 18, 2016

Time to object to Cape Town property valuations

For property owners in Cape Town, the new General Valuation Roll (GV2015 Roll) as issued by the City of Cape Town is almost in play, with the deadline to object - April 29 - just around the corner.

"Your property value as reflected on the roll will certainly have gone up as prices have increased in line with pent up demand and low supply over the last few years, but don't let this figure flatter you," says Francois Venter, director of Jawitz Properties.

"Although prices have significantly increased since 2012, your GV2015 value may not be accurate for your property."

Conducted every three years, the GV Roll using a computer-assisted mass appraisal system, determines all property values on a specified date. For GV2015, the chosen date was August 1, 2015 - based on a market value sample looking at recent sale prices of similar properties in a given area. The last date of valuation was August 1, 2012, which told a very different story in terms of property values.

"Homeowners who have not bought or sold in the last three years may not realise just how much property values have increased, but they should be aware that the higher the value, the higher the rates payable will be," says Venter.

The new rates will be payable from July. So it really is worthwhile to double check your valuation is accurate to ensure you aren't paying higher rates than needed for the next three years.

And, if you are interested in selling your home, using the GV2015 value as an indication of what you might achieve price wise could be completely inaccurate.

"No two houses are the same. You may have renovated but the person next door's house is looking worse for wear," Venter says.

"The only way to be sure of the true market value of your home and to get an accurate and official valuation, is to consult a qualified estate agent who operates in the area."

If you are unsatisfied with the GV2015 valuation received from the City of Cape Town in comparison to an independent valuation, the process to object is fairly simple.

Visit www.capetown.gov.za/ propertyvaluations where you can download the objection form, which you need to fill in and submit along with a credible independent valuation as well as other supporting documents as specified on the site.

If you still have not received your valuation and are someone who rents out your property, double check with your tenant or rental manager if they have received it on your behalf. You can also find your valuation on the City of Cape Town's website using the link above.

"The important thing to remember, however, is that time is running out to object. Any objection submitted after April 29 will not be considered and the value of your property will be set in stone until the next GV Roll," Venter says.

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