you snooze, you lose
29 April 2008
The new property valuation rolls are currently being compiled countrywide in terms of the new Municipal Property Rates Act and RealNet CEO Tjaart van der Walt says it’s important for homeowners to understand that they have limited time in which to lodge objections. Closing dates for objections vary from local authority to local authority, as do the actual rates (calculated as a percentage of the valuation) that will apply.
Johannesburg
New valuation roll is open for inspection until 27 May 2008. Any objections to a valuation must be submitted by no later than 16:30 on that day.
Cape Town
The closing date for objections is 30 June while in Durban/eThekweni a metro spokesperson reports that 22 000 objections have been received by the 31 March closing date.
The national implementation date for all the metros is 1 July 2008.
The new rates system assesses both the land value and the value of any improvements to buildings on the property. “The Act is intended to apply municipal rates more broadly. Importantly, it makes provision for exemptions, deductions and rebates based on income levels and other criteria while also providing for objections,” notes Van der Walt. “And if you believe you have grounds for an objection you should start by researching, with professional help, the market value of your property compared with similar properties in your immediate area. You may then submit a motivation to the municipal valuer and can expect the valuer to provide, in writing, a basis for his decision and any adjustments either up or down.”
If the municipal valuer’s estimation varies by more than 10 percent in either direction the matter is referred to an appeal board. Also, if an objector is not satisfied with the decision of the municipal valuer he has the right to lodge an appeal with the appeal board and a formal hearing will then take place. “It’s clearly to the advantage of an objector to get the assistance of qualified valuers or experienced estate agents to assist them in their valuation argument,” says Van der Walt.