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General Valuation 2018 open for public inspection from 21 February 2019

Summary

The City of Cape Town’s General Valuation 2018 (GV2018) has been completed and signed off by the City Manager
The public inspection and objection period for registered property values in Cape Town will commence on 21 February 2019
Individual notices will be posted to property owners
The GV2018 Roll will be available on the City’s website from 21 February 2019 and will also be displayed at 32 venues across the city
In-person objections will be accepted at 32 venues across the city until 29 March 2018
Online objections may be submitted electronically via the City’s e-services portal or via email until 30 April 2019
No extensions for objections will be considered
Property values on the GV2018 valuation roll are based on actual sales which occurred on or around 2 July 2018
The percentage growth in property value does not mean that rates will increase by the same percentage

The GV2018 Roll contains some 875 000 registered properties in Cape Town and is drawn up for the purpose of billing fair rates to each property owner. Rates income is important so that the City can pay for shared public services such as roads, street lights, parks, beaches, area cleansing, libraries, clinics, law enforcement and fire services.

The City does not make a profit on rates. The value of rates required is determined in the City’s budget. A calculation is also made to determine what rebates should be made to the vulnerable in our society and to see how rates can be levied in the most affordable manner for ratepayers.

‘Property valuations are not based on speculation but on market value at the date of the valuation, which in this case is on or around 2 July 2018. There is no difference between ‘market value’ and ‘municipal value’.

‘It is also often falsely claimed that the percentage of property value growth determines the percentage that rates will increase by. Property valuations are independent of the money required to fund services. Cape Town experienced positive growth in property value over the last three years since the previous General Valuation in 2015. This is advantageous to property owners. Although the year-on-year property growth in the first half of 2018 has, in some areas, been less substantial than in the recent past, the full three-year period between the valuation cycles should be considered to determine the trend,’ said the City’s Mayoral Committee Member for Finance, Alderman Ian Neilson.

An indication of the rates payable, based on the GV2018 valuation and the rating category, will be available on the City’s website in April 2019. This will be after the new rate-in-the-rand is determined by Council and this is subject to the City’s budget requirements for the 2019/20 financial year.

The GV2018 Roll will be implemented for the billing of rates with effect from1 July 2019.

How it is done
The City chooses to conduct a general valuation every three years, instead of the legislatively mandated four-year period, in order to mitigate against large fluctuations in property values between general valuations.

The City Valuer makes use of a computer modelling programme called Computer-Assisted Mass Appraisal (CAMA) which uses sales data, aerial imagery and other property information (for example the property’s location, size, number of rooms, outbuildings, general quality and view) to determine the market value of a property.

The results are then reviewed by professional property valuers and adjusted if necessary. There is no involvement by councillors in the determination of property values, nor may they be involved in dealing with any objection to a valuation.

The City’s Valuation Office takes pride in being the leading City in South Africa pertaining to its valuation processes and implements several precautions to ensure that the valuations produced are accurate and market related, including undergoing an independent external audit.

Source: City Of Cape Town

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