At Monday’s Council meeting the City of Cape Town announced the date for its next General Valuation. The date of valuation of all properties will be 1 July 2012. The general valuation roll prepared for GV2012 will be implemented on 1 July 2013.
“The City of Cape Town levies property rates based on a valuation roll. The current valuation roll has a date of property valuation of 1 July 2009. In terms of legislation, a valuation roll takes effect from the start of the financial year following completion of the public inspection period and remains valid for that financial year or for one or more subsequent financial years as the municipality may decide, but in total not for more than four financial years. The City has implemented two General Valuations since 2000. We consider it wise to conduct regular valuations as long periods between valuations results in significant overnight shifts in rates,” said the City’s Executive Deputy Mayor and Mayoral Committee Member for Finance, Alderman Ian Neilson.
The investment that the City has made since the year 2000 in valuation systems, data collection and modelling expertise is now paying off in terms of a lower objection rate and a faster resolution of objections. Most objections of the last General Valuation roll were resolved within a year of tabling.
The City will now conduct a general valuation of all properties on 1 July 2012 as approved by Council. In accordance with the mass appraisal principles used by the City, the size, sales figures and physical attributes of properties will be taken into account when determining the rateable value of a property.
The final valuation roll will be certified by the Municipal Valuer and submitted to the City Manager on 31 January 2013 and the roll will be open for inspection and the lodging of objections during March and April 2013.
Notices will be posted to property owners in February 2013 to advise them of their GV2012 valuation, and of the procedure to lodge an objection if they disagree with the valuation.
The GV2012 values will be available on the City of Cape Town’s website as from end February 2013.
