Remember property valuation Paperwork

Posted On Monday, 22 October 2012 11:59 Published by eProp@News
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if you are intending to object to the municipal valuation on your property, to have the necessary backup valuations done by a professional property valuer and estate agents in your area.

The values of properties as at the 1st July 2012 will be the figures used and notices will be sent to all owners of the new valuations in February/March next year. The inspections and lodging of objections period is only 60 days, so it would be advisable to act quickly and not wait too long, he said.

The new rates will be implemented on the 1st of July, 2013, the start of the municipality's new financial year.

"What some people do not know," said Bauer, "is that the city does not discriminate areas, but after the evaluation roll they will assess what areas are in need of subsidies. You will find then that some sub-economic areas get rebates on water, sewerage, refuse and their rates."

It is important to remember that the municipal valuation is not a market valuation, said Bauer. This is a combination of market value, the replacement value and the assessor's value.

Valuations on properties are done every four years, said Bauer, and the municipalities use a formula to work out the increase on a property by using a factor (which could change from year to year) to multiply the previous value figure by.

This is why you need to have independent assessments of your property done to establish a value. Contact your local estate agents who will be able to give you a comparative market analysis in writing to attach to your objection form.

Last modified on Monday, 22 October 2012 20:12

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