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17 hours ago

2 July 2018 approved as market value date for next General Valuation

The City of Cape Town’s Council has approved the preparation of the next General Valuation Roll for implementation on 1 July 2019, reflecting the market value of properties as at 2 July 2018. Read more below:

The General Valuation (GV) values approximately 870 000 registered properties in Cape Town for the purpose of billing fair rates to each property owner.

The City carefully calculates rates considering the affordability to ratepayers and the needs of the community for services that are not financed through tariffs. The money that is raised goes toward shared services such as fire services, the installation, maintenance and operation of traffic and street lights and providing services that stretch across neighbourhoods. It also helps us to help our most vulnerable residents.

As an example, we require R10 billion of rates income to ensure that our City operates efficiently and sufficiently. The valuation roll serves as the basis on which we calculate the tax rate which is referred to as the rate-in-the-Rand. We also calculate what rebates should be made to the vulnerable in our society and see how we can raise this in the most affordable manner for our ratepayers.

Valuations are based on actual property sales that have taken place in the open market around the date of valuation for each particular area. The attributes of different areas are considered when reviewing the market values.

The City chooses to conduct a GV every three years. By law, we are required to do so at least every four years but we have chosen a shorter timespan in an effort to mitigate major shocks to ratepayers. This is especially relevant considering the huge increase in property price growth in Cape Town. To avoid a rates shock due to these property price increases, it is best to ensure that valuations are kept up to date as far as possible.

The last general valuation in Cape Town was conducted in 2015 (and implemented on 1 July 2016).
The City’s Municipal Valuer is responsible for producing the GV Roll and is assisted by professional valuers, statistical analysts, data collectors, and support staff.
• The valuation staff collect and review sales that take place around the date of valuation.
• The sales data is used in the Computer-assisted Mass Appraisal (CAMA).
• CAMA is used by valuers to value properties in Cape Town, taking into consideration the various attributes and characteristics of various neighbourhoods within the metro.
• To ensure fairness, the GV Roll is audited by an independent body – the GV2015 was audited by the International Property Tax Institute.

For more information, please see resource.capetown.gov.za/documentcentre/Documents/Procedures%2c%20guidelines%20and%20regulations/...

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resource.capetown.gov.za

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