Cape Town - properties valued again
- 05 Apr 2012
Cape Town properties will be valued again in the next few months and the City of Cape Town is considering doing them every two years.
The most recent valuation was in 2009. And the city said regular valuations protected home-owners from massive, unexpected rates hikes.
During the 2009 process, more than 39 000 objections were received. In that process, more than 780 000 properties were valued. Of the objections, appeal hearings for 301 of these cases will be heard this month.
Now another round of valuations kicks off this year.
In a finance portfolio committee meeting yesterday, officials said regular valuations were in the best interest of property owners. In fact, valuations every two years were "international best practice".
Officials highlighted an instance where there was about a 10-year gap between valuations. This led to property values increasing by eight times in some cases.
The date of valuation will be July 1 this year. The property must be valued at "market value" on that day. This means it is based on what the property would have sold for on that day, on the open market to a willing seller.
The council will first have to approve the valuation. A draft valuation roll will be sent to the city's rates policy team. This roll will be submitted to the office of city manager Achmat Ebrahim in January next year.
Between February 21 and April 30 2013 property owners can inspect the valuation roll and lodge objections if they are not happy with the value.