Property Valuations... scrutinise and object as soon as possible
Category Property Markets
The City of Cape Town's General Valuation Roll for 2018 (GV2018) is currently open for inspection and objection. Generally speaking, property values have been adjusted upwards, some moderately, but others at quite hefty rates.
The revaluation is based on the market value as at 2 July 2018. While the City employed various criteria to ensure fairness, the enormity of the task means that there will inevitably be many anomalies, and your property/ies may be overvalued.
Property owners should have received notification, but you can also visit the COCT (City of Cape Town) web portal for more information and objections, at www.capetown.gov.za. You can object in person until 29 March 2019, or online until 30 April 2019.
Why is it important to scrutinise your property valuation and act soonest?
Firstly, increased rates and taxes will be payable based on the new general valuations, effective from the 1st of July. The time to comply with the objection process is quite short and the court has already ruled that objection forms must be correctly completed, and reasons given for the proposed objections. Following the correct process is therefore vital. If an objection is not lodged during the advertised objection period, the prospects of getting the municipal valuation amended is low, barring special circumstances.
How do you check whether you need to object?
The point of departure is to get your own accurate assessment of the market value of your property/ies done as at 2 July 2018 as you will need to provide a substantiated motivation to get the stated value lowered. For this, you will need a professional valuation to support your objection.
An accurate valuation requires more than a standard CMA (Comparative Market Analysis) and it is best to make use of a seasoned local agent who understands the nuances of the local market and can provide an accurate assessment and advice. Property values differ greatly, not just in terms of land and property size and improvements, but often, the location within the suburb and proximity to certain amenities also play a role.
When considering sales over a particular period, it is important to also discard any unusually low or high sales which may skew values. You need to compare like with like in terms of sales that compare to your property, something best understood by a local area specialist.
How do you object?
Once you have a more accurate valuation, you will then need to download the prescribed from and submit it either in person (by the 29th March), or online (by the 30th April). You could also make use of professional services such as a registered valuer or attorneys if warranted to handle your objection. The objection will be assessed by a municipal valuer who will either agree and amend the valuation/s or reject it. In some instances, the appeal board will need to confirm the adjustments. An appeal process is also provided for.
Home is our Story and property our passion. Getting your home valued by Seeff could be the best move that you could make. The value will affect the rates that you will pay for the next 3 to 4 years.
Author: Gina Meintjes