Calm homeowners

The fact that the municipal values of at least 70 000 sectional title units have been miscalculated at up to 200% their actual market value, should not cause panic. They represent some 10% of the 735 000 registered property owners, according to City of Cape Town valuations director Chris Gavor. In an attempt to handle the expected influx of objections, the closing date for the objection process has been extended to April 30 for sectional title owners (from March 24). Since the last valuation six years ago, residential property values have increased by 280%. But this will not necessarily lead to an exorbitant increase in the amount of rates paid. The expected 5% to 10% increase will actually result in a decrease in the current cents-in-the-rand rate.

Article on fin24.co.za