Objection Deadline for City of Ekurhuleni
Category Newsletter: Latest News
Objection Deadline for City of Ekurhuleni Property Valuation Looms
Property owners in the City of Ekurhuleni municipality have until 18 June 2021 to object to the current valuation prescribed by the municipality. Owners are urged to ensure the valuations are correct.
Properties across all South African municipalities have a municipal value and market value. By law, these amounts should be the same, however, in some municipalities, the amounts differ. In cases like these for City of Ekurhuleni property owners, and in accordance with Section 49(1)(a)(ii) of the Local Government Property Rates Act, 2004, objections can be made to the municipality in person if the municipal value differs substantially from the market value.
The General Valuation Roll, which is a register of properties in an area governed by a municipality, is published every few years. The valuation stipulated by the municipality determines the rates and taxes a property owner is liable for during the subsequent few years under the authority of that municipality. Property owners who neglect to object to valuation discrepancies in time will be liable to pay the rates and taxes that may be inflated due to an incorrect municipal property valuation.
To find out what the value of your property is, Lightstone offers property valuation reports that are available for download from their website. Lightstone's property reports are the basis of all their analytical work and provide current detailed valuations as well as historical information about a particular property. The report, which accurately determines the value of a property is based on comparable sales data, details the legal description, ownership history, size, and location of the property. It lists 20 of the most recent sales and includes the local amenities in the surrounding area.
"It is important for you, the property owner, to understand what the value of your property is when General Valuation Rolls are made public. The onus is on the property owner to raise the necessary objections at the municipality," says Esteani Marx, Head of Real Estate for Lightstone. "This is not only relevant for municipal purposes but assists with insurance valuations and anyone looking to buy or sell a property."
Author: Real Estate Industrial Magazine
