Highlighting Municipal Property Valuations
Category Property News
Once every four years the controversial issue of property valuations is raised.
This is when the municipality attributes a new valuation to your property.
What is the basis of property valuation under the Municipal Property Rates Act?
Property is valued at market value, which is the amount that the property would have realised if it was sold on the date of valuation in the open market by a willing seller to a willing buyer.
Revenue from property rates is utilised to fund services that benefit the community.. These include the construction and maintenance of public areas, buildings, parks, beaches and municipality administration.
The rates a property owner is charged each month is based on their municipal valuation. If the valuation increases, then the amount paid each month for rates will also increase, and vice versa.
There are many factors which influence the value of a property including location, size and condition of the property.
Neighbourhoods also play a role and this determination is based on sales of properties around yours.
Not happy with your municipal valuation? You can object it by completing and handing in the prescribed form found at your local municipality together with any information you have in support of your objection.
Once lodged, the matter is referred back to the municipal valuer, who will review the valuation in the light of any additional information provided by you.
Should you still not be pleased with the outcome an appeal may be lodged against the valuation and this will be heard by the Valuation Appeal Board.
Author: Prime Property Marketing
