Residents to recieve property valuation notices
By Nadia Samie
22 February 2007
Some 735 000 property owners in Cape Town will receive letters informing them of the new valuations of their properties this week. The letters will also inform residents of the process they need to follow if they wish to object to the new valuation.
It is a requirement of law that the council value the properties at market value, including both land and any improvements that may have been made. The last general valuation was carried out in January 2000.
City councilor Ian Nielson says the total valuation of all properties in the city have increased from R195 billion in 2000 to R654 billion in 2006.
“The date of the new valuation is 2 July 2006, meaning that the valuation must reflect the market value of the property on that date. The total valuation of all properties in the city has increased from R195 billion in 2000 to R654 billion in 2006.” Nielson said.
He added that, “Increased values do not of their own necessarily lead to an increase in the amount of rates paid. The city will reduce the cents in the rand payable in each category, to compensate for the overall increase in values. What is more relevant for an individual property owner to assess is whether their property has increased by more or less than the average increase in that category.
"We are all aware of the particular problem of pensioners and handicapped people who are on a fixed income, whose property value may have increased more than the average, and may face undue increases in rates. "
At present, rebates on a sliding scale are available to pensioners and handicapped people, where their monthly income is up to R3000 per month. However, council will need to consider whether there is a need to increase the upper limit on these additional rebates, available to pensioners and handicapped persons.
22 February 2007
Some 735 000 property owners in Cape Town will receive letters informing them of the new valuations of their properties this week. The letters will also inform residents of the process they need to follow if they wish to object to the new valuation.
It is a requirement of law that the council value the properties at market value, including both land and any improvements that may have been made. The last general valuation was carried out in January 2000.
City councilor Ian Nielson says the total valuation of all properties in the city have increased from R195 billion in 2000 to R654 billion in 2006.
“The date of the new valuation is 2 July 2006, meaning that the valuation must reflect the market value of the property on that date. The total valuation of all properties in the city has increased from R195 billion in 2000 to R654 billion in 2006.” Nielson said.
He added that, “Increased values do not of their own necessarily lead to an increase in the amount of rates paid. The city will reduce the cents in the rand payable in each category, to compensate for the overall increase in values. What is more relevant for an individual property owner to assess is whether their property has increased by more or less than the average increase in that category.
"We are all aware of the particular problem of pensioners and handicapped people who are on a fixed income, whose property value may have increased more than the average, and may face undue increases in rates. "
At present, rebates on a sliding scale are available to pensioners and handicapped people, where their monthly income is up to R3000 per month. However, council will need to consider whether there is a need to increase the upper limit on these additional rebates, available to pensioners and handicapped persons.
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