Property owners within the jurisdiction of the Ekurhuleni Metropolitan Municipality will soon know the value of their properties with the 2013 Valuation Roll
EMM spokesperson, Sam Modiba, advises residents that the Municipality will publish the Valuation Roll and open it for inspection at municipal offices and on its website as well as send Section 49 notices advising ratepayers of their updated values before the end of February.
“Upon the inspection of the Valuation Roll, property owners can exercise their rights, in terms of section 50 of the Municipal Property Rates Act (MPRA) and object to their value or any other property value that is deemed to be incorrect,” Modiba said.
However, the Valuation Roll will be open for public inspection and lodging of objections from 04 March 2013 to 19 April 2013.
The MPRA requires that a valuation roll of all properties be compiled in terms of market value, and be updated at least every four years. The last EMM general valuation roll was implemented with effect from 01 July 2009, while the second general valuation roll becomes effective on 01 July 2013.
“The overall impact of individual property rates however, can only be determined once all properties have been valued and the tariffs determined according to the 2013/4 budget,” Modiba clarifies.
On objections, Modiba explained that they can only be lodged against a specific individual property and not against the valuation roll.
“Residents shouldn’t be anxious as more information concerning the objections and publication process will soon be available on the municipality’s website at www.ekurhuleni.gov.za,” Modiba pointed out.
According to Modiba, the municipal valuer considers several types of properties in the municipality such as the residential, sectional title, non-residential and agriculture.
The valuer establishes the market conditions, and this is based on recent sales activity in the various areas. Therefore this will take into consideration areas where values have declined or remained stagnant due to the current state of the economy.
Each is valued on different basis, although they all relate to the market value.
“For example, residential property (including sectional titles) is valued on a comparable sales method. Most commercial property (including retail, offices, warehousing) are valued on an income basis, whilst institutional properties such as schools, hospitals and clinics are valued on a cost basis,” Modiba said.