PLANNING AHEAD FOR GV2022 | BE PREPARED FOR YOUR NEW MUNICIPAL VALUATION
Category Advice
With the months flying by and the end of the year approaching (eek!) an important notification should be coming your way, and you can't afford to blink. The City of Cape Town's municipal valuations division has been hard at work in collating their CAMA information and market reports, to finalise the long-awaited General Valuation (GV) 2022. The GV2022 roll will be available online at the start of 2023 and property owners are encouraged to take note of the municipal value attributed to their property(ies).
South Africa's municipalities are legislated to perform a GV every four years (unless special permission for an extension is obtained) as per the Municipal Property Rates Amendment Act 29 of 2014 (MPRA). Property Tax (rates) is based on the property's municipal valuation which should reflect the estimated market value of the property at the date of valuation, 1 July 2022 (for GV2022). The City has advised that the General Valuation Roll (GV2022) objection period will commence on 21 February 2023, giving property owners the opportunity to object to their municipal value should they feel it to be 'inflated'.
Steer & Co's valuation division have historically assisted a number of property owners across the Cape Town metropole in objecting (and appealing in many cases) to their property's municipal valuation in all five general valuations since GV2006. Considering that for each R1 000 000 reduction in municipal value, an owner saves approx. R6 340 (residential) and R12 680 (vacant/commercial) annually, based on the current rates tariff, it really is worth objecting to inflated municipal values.
This is what we achieved for our clients in the GV2018:
We plan to remind you about the upcoming objection period closer to January 2023 but encourage you to use this period to review your property's market value as at July 2022.
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.
Author: Nina Vass