For property owners in Cape Town, the new General Valuation Roll (GV2015 Roll) as issued by the City of Cape Town is almost in play, with the deadline to object (29 April) just around the corner.
“Your property value as reflected on the roll will certainly have gone up as prices have increased in line with pent up demand and low supply over the last few years, but don’t let this figure flatter you,” says Francois Venter, Director of Jawitz Properties. “While prices have significantly increased since 2012, your GV2015 value may not be accurate for your property.”
Conducted every three years, the GV Roll using a computer-assisted mass appraisal system, determines all property values as at a specified date. For GV2015, the chosen date was 1 August 2015 – based on a market value sample looking at recent sale prices of similar properties in a given area. The last date of valuation was 1 August 2012, which told a very different story in terms of property values.
“Homeowners who have not bought or sold in the last three years may not realise just how much property values have increased, but the reality is that the higher the value, the higher the rates payable will be,” says Venter.
The new rates will be payable from July of this year. “So it really is worthwhile to double check your valuation is accurate so you aren’t paying higher rates than needed for the next three years.”
In addition, if you are interested in selling your home, using the GV2015 value as an indication of what you might achieve price wise could be completely inaccurate. “No two houses are the same. You may have renovated but the person next door’s house is looking worse for wear,” Venter says. “The only way to be sure of the true market value of your home and to get an accurate and official valuation, is to consult a qualified estate agent who operates in the area.”
Should you be unsatisfied with the GV2015 valuation received from the City of Cape Town in comparison to an independent valuation, the process to object is fairly simple – visit www.capetown.gov.za where you can download the objection form, which you would need to fill in and submit along with a credible independent valuation as well as other supporting documents as specified on the site.
If you still have not received your valuation and are someone who rents your property out, double check with your tenant or rental manager if they have received it on your behalf. You are also able to find your valuation on the City of Cape Town’s website via the link above, by simply supplying a few details about your property.
“The important thing to remember, however, is that time is running out to object. Any objection submitted after 29 April will not be considered and the value of your property will be set in stone until the next GV Roll,” Venter concludes.