The City of Cape Town’s 2018 General Valuation roll was made open for public inspection on Thursday February 21.
This roll presents a value upon which household municipal rates will be calculated until a new roll is issued.
Cape Town homeowners have until Tuesday April 30 to object to the valuation of their property online, and until Friday March 29 to object in person at one of the 32 venues across the city.
Municipal rates for the City of Cape Town are expected to increase by between 9% and 13%, according to Susan Watts from RE/MAX Living.
“Ultimately, the City Council cannot dictate a value. Only a willing and able buyer, who puts pen to paper, can dictate that value. With rising municipal rates in addition to increasing levies, the cost of fuel, and the general cost of living, it is likely that more homeowners will need to downscale or enter the rental market.
This will further increase supply in the property market and demand for rentals at more affordable prices. All in all, I believe prices will, in many cases, not match up to the calculations of the Cape Town municipality. The market is flooded with stock and only the most keenly priced properties are selling,” she said.
“Homeowners are encouraged to review the valuation roll in order to object to the valuation of their property if they feel as though it is unreasonable or face the consequences of higher municipal rates than necessary until the next valuation roll is released in four years’ time,” advises Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Where to find the GV
To view the valuation of your property, or to find a list of the various venues where homeowners may submit objections, visit www.capetown.gov.za
How to structure your objection
Based on geographical information and recent sales in your suburb, the city uses a computer aided mass appraisal system to determine the values of all properties.
“The starting point for a strong objection will therefore include a neighbourhood evaluation that would justify why the valuation of your property should be lower. You can find these reports online, or at certain banks. Most will come at a cost of around R100. Next, you should have your home evaluated by more than one estate agent to provide enough evidence that your home is valued at a lower price than what the EV places it at,” Goslett explains.
“While the Valuation Appeal Board consists of a Chairperson with legal qualifications, it is not a court of law and you will not need to bring a lawyer to lay your objection. However, it can be helpful to have your estate agent with you in case any queries arise that you are unable to answer,” he adds.