City of Johannesburg’s property owners need to check the market value of their properties before 31 March – or they may end up overpaying. Municipalities publish a General Valuation Roll, every five years, that property owners can inspect and object to if the municipal value of their property is higher than the market value.
Recently, the City of Johannesburg Metropolitan Municipality announced that its draft General Valuation Roll is now available for all ratepayers to review. But, the clock is ticking as property owners in the metro only have until the end of March to inspect and object to the current valuation of their property as prescribed by the municipality.
“This is an important opportunity for City of Johannesburg property owners to check that their property is correctly valued, so that they don’t end up overpaying on their municipal rates and taxes over the next five years.”
– Hayley Ivins-Downes, Head of Digital for Lightstone
Market value vs municipal value
A property valuation is an estimate of how much a property is worth – what property professionals call market value. It’s a good indication of what a property could sell for in the current property market. This estimate is usually based on factors such as the property’s size, location, condition and even recent sales of similar properties in the area.
On the other hand, while the municipal value assigned to a property by the municipality may at times match up to the market value, there are some instances where it may be higher. If it’s higher, then the property owner should consider lodging an objection.
There should be no discrepancy between a property owners municipal property valuation and their property’s market value, as the municipal value is what is used to calculate municipal rates and taxes. The onus is on the homeowner, to identify and object to any discrepancies.
Property details to check
Property owners can lodge an objection on the General Valuation Roll if the property value, description, stand or portion number, category, size or owner details are not correctly listed. All of this information should be correct – not just to avoid overpaying on municipal rates and taxes, but also to ensure no delays or discrepancies when selling the property in the future.
While property owners can object to any information that’s incorrectly displayed on the Valuation Roll, they do need to support the objection with a reason and the necessary evidence. The objection will then be considered by a municipal valuer and if the municipality finds the objection valid, it may revalue the property.
Accurate data to support an objection
A Lightstone Property Value Buyer Report is accepted as supporting documentation if a property owner decides to lodge an objection. This report not only gives property owners the peace of mind that they have reliable data about their property value; it can also be used to evidence any objection to information recorded on the Roll as it also includes all the legal information about the property.
As an independent supplier of accurate and up-to-date property data our valuations are used by most leading banks, estate agents, insurers and other property professionals. Many property owners in areas like Ekurhuleni, Umgeni and Knysna have in fact used Lightstone reports in the past to support their objections to Valuation Rolls in their municipalities.
Making it easy for City of Johannesburg ratepayers
To learn more about getting an accurate property valuation or to purchase a Lightstone Property Value Buyer Report for only R172.50 go to EzRates by Lightstone.
Is this report only available for Johannesburg property owners or i can find one for Durban as well?
This is a subscription service so you are expected to pay a subscription and not only a once-off fee for a Property Value Buyer Report…just another scam