It is imperative that Cape Town homeowners take note of the upcoming municipal valuations of their properties and ensure the values are correct.
The General Valuation Roll will open for inspection and objection on February 21, says Basil Moraitis, regional head of Pam Golding Properties in the Western Cape.
These new rates on the 2022 General Valuation roll will take effect from July 1 and will form the basis of property owners’ rates assessments for the next four years.
Read our latest Property360 digital magazine below
It is therefore “imperative” that they make themselves aware of the market value of their properties to ensure that the values determined by the City of Cape Town reflect a reasonable market value, he says.
“As most of the revised valuations are conducted by a computer-aided mass appraisal system, errors and irregularities may occur, so it’s advisable to familiarise yourself with the new valuation as soon as you are notified of it by the City.”
James Phillipson of STBB says the software used by the City – as well as in many cities worldwide – is called CAMA (Computer-assisted Mass Appraisal). It is applied by assistant municipal valuers, statistical analyst, and data collectors to arrive at a valuation.
Moraitis says it is also a good idea to keep an eye on the City Municipal Valuations Roll which is readily available by visiting the City’s website (www.capetown.gov.za), to ensure homeowners’ are informed timeously.
“Furthermore, as there is a limited 60-day objection period from 21 February to 30 April 2023, it is recommended to obtain an independent and professional valuation of your property as soon as possible in order that you can determine if any increase in the value of your property is fair and justified. Bear in mind that the City defines the market value as the amount the property would sell for in the open market – at the designated date of 1 July 2022.
“Our agents are area specialists and readily available to assist any home owners with recent sales in their area and comparative market assessment of the value of their properties.”
Should a homeowner not be in agreement with the City’s valuation, Annien Borg, Pam Golding Properties regional head for Boland, Overberg and Cape Town’s Northern suburbs, says it is best to submit their objection as soon as possible. It is also advisable to obtain professional assistance in compiling, motivating and lodging the objection – which can be an “exacting and onerous task”.
“In this regard, we can put you in contact with reputable professionals who will ensure that your objection meets all the stringent requirements of the City valuers, and who can also undertake a subsequent appeal should your objection not be satisfactorily concluded.”
Phillipson adds that there are various reasons why a particular property’s valuation rates cannot be accurately determined by a software system that uses area averages, and so homeowners should consider the opportunity to object. They must also bear in mind that no rates are levied by the City on the first R300 000 of the value of a residential property, Borg states.
Offering a word of caution, Moraitis says that if the City valuers identify a property as having undergone a change, they will physically inspect it. In such cases, any temporary or permanently employed data collector and/or municipal valuer can be identified by name, photograph, and City identification number, which can also be viewed on the City’s official website.
IOL Business