IMPORTANT FACTS RELATING TO GV2022 | BE PREPARED FOR YOUR NEW MUNICIPAL VALUATION
Category Advice
Following on from our October 2022 article, we would like to keep you updated about the upcoming GV2022 objection period. Our professional valuers attended an in-person seminar organised by the South African Institute of Valuers (SAIV) on 4 November 2022, and were addressed by Mr Llewellyn Louw, the municipal valuer at the City of Cape Town. Llewellyn shared some valuable information with us, which we'd like to pass onto you.
Date of valuation for GV2022 is 1 July 2022. Your municipal value should accurately reflect your property's market value as at this date. Market value is defined by the International Valuations Standard Council (IVSC 104 p18 30.1) as follows, (updated in March 2020): "Market Value is the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion."
Date of implementation for GV2022 is 1 July 2023. This is the date from which your monthly rates obligation will be based on your new municipal value.
The estimated number of properties to be valued in the GV2022 is 908 000.
Timeline for GV2022 is as follows:
21 February 2023
Valuation notices will be sent to all property owners and the online valuation roll will be made "live."
21 February to 30 April 2023
Objection period SAVE THE DATE
Please ensure that you submit your GV2022 queries to us in March rather than April, to avoid possible disappointment in terms of us not being able to take on your objection given the April bottleneck we've experienced in the past.
The basis upon which you can object during the GV2022 objection period:
- Your property's municipal value is higher (or lower) than its market value as at 1 July 2022
- Your property has been recorded under the incorrect rating category
- Any information relating to your property is recorded incorrectly
Should you have any queries regarding your property's municipal value or the GV process in general, please don't hesitate to contact us either via email (valuations@steer.co.za) or on 021 4261026.
We have a good library of information relating to the municipal valuation process so please click here for previous articles and consider signing up to our blog to stay updated.
For frequently asked questions relating to General and Supplementary Valuations, look at this helpful publication by the City of Cape Town.
For all General Valuation-related information and the Rates Policy, please follow this link: www.capetown.gov.za
*Supplied by Llewellyn Louw
Author: Nina Vass