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New property valuation roll released for Cape Town

An announcement was made recently that the City of Cape Town has published the General Valuation Roll (GVR) for 2015 and this can be viewed at www.capetown.gov.za/propertyvaluations
 
The latest valuation roll shows that the rateable value of property has increased from R911 billion in 2012 to R1,156 billion in 2015.  There are 845,764 properties in all on the GVR and the largest portion of this is residential property. 
 
With the increase in values often comes an increase in rates charged on property and the rates adjustment is due to be tabled at the end of March, which is at the start of the public participation process on the city’s budget. 
 
The objection process runs from the 19th February to 29th April 2016 and owners of property are advised to check whether they agree with the new valuation and if not, submit their objection as soon as possible, said Shan Hulbert, sales manager at Knight Frank Residential SA.  This can now also be done online to speed up the process by going to http://www.capetown.gov.za/en/eservices/Pages/default.aspx.
 
It has to be remembered that it is up to the objector to prove that the valuation is incorrect, said Hulbert, and provide all the necessary documentation with the objection form (which can be downloaded from the City of Cape Town’s website). 
 
The new rate tariffs will come into effect from 1 July 2016, and owners can view the new amounts payable on the same website as of this date.
 
“While many households might not be happy with increases in rates to be added to the many raised expenses for the coming year, property rates do contribute to various municipal services provided and these do have to be accommodated in the budget correctly.  If this did not happen we would not have the well run city we have now,” she said. 


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