Property owners in the City of Ekurhuleni municipality have until the 18th of June 2021 to object to the current valuation prescribed by the municipality and owners are urged to ensure their property valuations are correct.
Properties across all South African municipalities have a municipal value and a market value. By law, these amounts should be the same however, in some municipalities, the amounts differ. In cases like these for the City of Ekurhuleni property owners and in accordance with Section 49(1)(a)(ii) of the Local Government Property Rates Act, 2004 objections can be made to the municipality in person if the municipal value differs substantially from the market value.
The General Valuation Roll is a register of properties in an area governed by a municipality, and it is published every few years. The valuation stipulated by the municipality determines the rates and taxes a property owner is liable for during the subsequent few years under the authority of that municipality. Property owners who neglect to object to valuation discrepancies in time will be liable to pay the rates and taxes that may be inflated due to an incorrect municipal property valuation.
Esteani Marx, Head of Real Estate for Lightstone says it is important for property owners to understand what the value of their property is when General Valuation Rolls are made public.
“The onus is on the property owner to raise the necessary objections at the municipality. This is not only relevant for municipal purposes but assists with insurance valuations and anyone looking to buy or sell a property.”