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City of Joburg and Cape Town property owners, time is running out – check the market value of your property.
This content is supplied by Lightstone*
If you’re a ratepayer in Jozi or the Mother City, you may have heard that the deadlines for municipal valuation objections are looming.
Don’t end up overpaying
Municipalities publish a General Valuation Roll every few years. This Roll is made available so that property owners in the area can check the municipal value of their property and that all information about the property is correct. If there are any discrepancies, ratepayers can object.
“The Valuation Roll should not be ignored or property owners could end up overpaying on their municipal rates and taxes over the next five years.” says Hayley Ivins-Downes, Head of Digital for Lightstone Property.
What is a property valuation?
A property valuation is an estimate of how much a property is worth – what property experts call market value. It’s a good indication of what you could sell your property for in the current property market. This estimate is usually based on factors like the property’s size, location, condition and even recent sales of similar properties in the area.
A municipal value, on the other hand, is assigned to your property by the municipality to calculate municipal rates and taxes. If your property is overvalued by the municipality and you don’t lodge an objection, you could end up paying more for rates and taxes than you need to.
“The onus is on the homeowner, to identify and object to any inconsistencies – and there should be no difference between a property owner’s municipal property valuation and their property’s estimated market value.” says Ivins-Downes.
In what instances can you object?
As a property owner you can lodge an objection if one or more of the following are incorrectly listed on the Roll:
- Property value
- Property description
- Stand or portion number
All this information should be correct. Not only to avoid overpaying on your municipal rates, but also to circumvent any delays if you sell your property in the future.
“While property owners can object to any information that’s incorrectly displayed on the Roll, they do need to support the objection with the necessary supporting documentation. The objection will then be reviewed and if the municipality finds the objection valid, it may revalue the property.” says Ivins-Downes.
Supporting documentation you’ll need
A Lightstone Property Value Buyer Report is accepted as valid supporting documentation. This report gives property owners assurance that they have reliable data about their property value. It can also be used to object to any incorrect information recorded on the Roll as it includes all the owner’s details, the size of the property, intel on recent sales in in the area – and much more!
“Many property owners in areas like Ekurhuleni, Umgeni and Knysna have used Lightstone value estimates in the past to support their objections to their municipality’s Valuation Roll. In fact, as an independent supplier of accurate property data our valuations are also used by most leading banks, estate agents, insurers and other property professionals.” concludes Ivins-Downes.
EzRates makes it easier
Lightstone is making it easy for City of Joburg and Cape Town ratepayers to purchase a Lightstone Property Value Buyer Report for only R172.50.
Simply got to EzRates by Lightstone to unlock potential savings before the deadline. Find out about getting an estimated property valuation*, the General Valuation Roll process and view a sample report. When you’re ready to buy a report, you’ll be directed to register on Lightstone’s platform to complete your purchase safely and securely.
- Lightstone property valuation reports are informed by our industry leading automated valuation model. A comprehensive legal valuation can only be provided by a certified Valuer.
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