The Year of the Valuation Rolls
2013 will see the City of the Cape Town, City of Joburg, City of Tshwane, Ekurhuleni, Nelson Mandela Bay and a large number of other municipalities releasing their General valuation Rolls.
Listed below are a few things you might or might not have known about how General valuation rolls work and how you will be affected:
– – Firstly, each property owner pays property rates which should be in correlation with the municipal value, category and an applicable tariff of his/her property.
– – In order to keep the values of properties â€œcurrentâ€?, municipalities usually revalue each property every 3 to 4 years.
– – a General Valuation Roll, containing these values, is then published with a minimum 30 day objection period, starting from the last date of publication, wherein the public are given the opportunity to lodge an objection against any entry in the roll.
– – These new values will come into effect and the new rates will be payable from the 1st of July 2013
– – The Valuation rolls are usually available online to the general public for inspection purposes.
– – Property owners should also receive a written (section 49) notice indicating the new value.
– – The â€˜date of valuationâ€™ is a fixed date that is applicable throughout the period of the valuation roll. Itâ€™s usually a year earlier than the effective date and is key in terms of establishing what the value of your property should be, in the case of the 2013 General valuation rolls, one would compare the new value to what your property was worth around the 1st of July 2012.
– – All objections lodged within the objection period will be considered by the municipal valuer and can result in a decreased, partially decreased, increased or â€˜no changeâ€™ value based on the validity of the evidence provided.
– – In the event of an incorrect valuation and the lodge of an objection, property owners are still liable to pay their property rates.
Hereâ€™s a summary of the relevant Municipalities and their objection/inspection periods â€“ http://sphotos-d.ak.fbcdn.net/hphotos-ak-snc6/285372_186048811519025_466055818_n.jpg
It is important to note that in 2012, millions of properties were valued for rates purposes and on such a large scale errors become rather inevitable. I have seen a scenario where a simple typo resulted in a valuation increasing from R8 Million to R80 Million. So rather be safe than sorry.
Article source: http://www.news24.com/MyNews24/Rather-Safe-than-Sorry-20130218