The residential property market is currently facing a number of headwinds, with excessive property rate taxes proving to be a significant challenge, and with consumers under pressure to make every cent count in the current challenging economic climate, Joburg home owners are advised to take note of the 2022 municipal valuations of their properties, says Nelson Ferreira, regional head of Pam Golding Properties in Gauteng.
The City of Johannesburg started the ball rolling with the ‘over-valuing’ of properties the last time they revalued the property roll, dismissing most objections at the time – with the result that ratepayers have sat with the problem of paying excessive rates every month on inflated values.
Regrettably, it now appears that ratepayers may be faced with the same problem again.
As these new rates on the 2022 General Valuation roll take effect from 1 July 2023 and will form the basis of your rates assessments for the next four years, it is imperative that you make yourself aware of the market value of your property, to ensure that the values determined by the City of Joburg reflect a reasonable market value of your property as at 1 July 2022.
Most of the revised valuations are conducted by a computer-aided mass appraisal system, errors and irregularities may occur, so it’s advisable to familiarise yourself with the new valuation as soon as you are notified of it by the City.
According to James Phillipson of STBB, the software used is called CAMA (Computer-assisted Mass Appraisal). This software is used in many cities worldwide, and is applied by assistant municipal valuers, statistical analysts and data collectors to arrive at a valuation.
Ferreira adds that it is also a good idea to keep an eye on the City Municipal Valuations Roll which is readily available by the City’s website (visit: www.joburg.org.za), to ensure you are informed timeously.
“As there is a limited objection period until 31 March 2023, it is recommended to obtain an independent and professional valuation of your property as soon as possible in order that you can determine if any increase in the value of your property is fair and justified. Bear in mind that the City defines the market value as the amount the property would sell for in the open market.” states Ferreira.
“Our agents are area specialists and readily available to assist any home owners with recent sales in their area and comparative market assessment of the value of their properties.”
Should you not be in agreement with the City’s valuation, it is best to submit your objection as soon as possible, and advisable to obtain professional assistance in compiling, motivating and lodging your objection – which can be an exacting and onerous task. In this regard, we can put you in contact with reputable professionals who will ensure that your objection meets all the stringent requirements of the City valuers, and who can also undertake a subsequent appeal should your objection not be satisfactorily concluded.
The City of Joburg has extended the deadline for rates valuations to May 5th.
For further information, please contact your local Pam Golding Properties area specialist or the nearest office.
