Annual interim valuations (also known as additional valuations) just
completed for City properties will result in adjustments to some 20 000
property values and rates.
The interim valuation will update properties omitted from the general
valuation (GV) in June 2002 as well as inaccurate valuations in the GV. It
also covers valuations for new buildings, improvements, additions,
sub-divisions or demolitions completed after the GV. Interim valuations are
done annually in terms of the Provincial Valuations Ordinance of 1993.
Bills with adjusted rates have been sent to affected property owners. The
additional valuation roll will be submitted to the City Council at its next
meeting after. Formal notices will then be sent to property owners about any
changes to their property values. These formal notices will enable property
owners who wish to object to their valuations to do so. A due date will be
given.
Property owners liable for property rates since the GV last year who have
not been billed, will receive backdated rates bills in fairness to all those
who have been paying. Residents who experience financial difficulties, are
asked to contact the City to make arrangements for paying off their rates
accounts.
With a rate of 1,07 cents for every Rand of residential property value, an
increase of R100 000 in the valuation of a property will result in a rates
increase of R1 070 per year. City property owners pay no rates on the first
R50 000 value on their properties. Rates can be paid as an annual lump sum
or in monthly instalments.
Owners can lodge objections to their valuations which will be heard by the
Valuation Board. The valuation of 550 000 City properties last year resulted
in 13 000 objections. Some 70 percent of those objections have been dealt
with and the Valuation Board is expected to resolve the remaining objections
by October 2003.
Publisher: Cape Business News
Source: Cape Business News
Annual interim valuations (also known as additional valuations) just completed for City properties will result in adjustments to some 20 000 property values and rates.
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