The property base in the City of Johannesburg has increased to over R1.5 trillion since the last valuation conducted in 2018, representing a 12% increase in its property base according to the General Valuation (GVR).
According to the municipality, the highest business and single property in the City is valued at R10.1 billion with the highest residential property valued at R418 million.
Johannesburg’s 934 652 property owners will soon find out about the new values of their properties, ahead of the implementation of the General Valuation Roll (GVR) 2023, a legal document that consists of property information of all rateable properties within the boundaries of the municipality, which takes effect from the 1st of July 2023.
Acting City Manager, Byrne Maduka, says that property owners should be on the look out to receive a formal notification (a Section 49 notice) about the new values of their properties.
The City Manager, must within 21 days of receiving the roll, publish this in the Provincial Gazette whereby the roll will be open for inspection. This will be followed by the City sending out the Section 49 notices to invite property owners to inspect and to object, if needed.
Maduka says the GVR process is important as it helps the City to assign a value and a category to all properties in a municipality with the objective of generating rates on an equitable basis.