November 2, 2007
By Emily Visser
THE market value of properties in Johannesburg has increased massively from R49,9-billion in 2001 to over R600-billion in 2007, according to the City's latest draft valuation roll.
Sectional title properties, of which there are an estimated 155 000 in Johannesburg, have a value of approximately R87,1-billion.
There are about 826 000 registered property owners in the city, many of whom can expect a rise in their property rates as a result of the improved valuation system. This is based on the current market value of a property, with both land and improvements included in the valuation.
However, Werner Sarvari, the valuation services director for the City, pointed out that as a result of the huge increase in the rates base, the public can expect a significant decrease in the rand rate used for calculations. At present, the rate used is 0,1273 cents in the rand.
The rate in the rand to be used in determining the rates payable for 2008/09 will only be known in March or April next year, once the draft valuation roll has been finalised and after the draft rates policy has been approved.
To determine the annual amount a property owner must pay in rates, the value of the property is multiplied by the tariff. This is then divided into 12 instalments for the monthly amount that must be paid.
Rebates will be determined by the final rates policy and will be applied to the formula when determining the annual rate. No automatic rebates will be awarded. Instead, organisations and individuals who qualify for rebates must forward a written request to the City.
Formal objections
A formal objection period is planned for February 2008 to April 2008 so that issues can be sorted out before the draft roll is finalised. The City will also hold
seven meetings with sectional title property owners in November to resolve specific issues in this sector.
The valuation roll was made available for public inspection and comment over the last week, and Sarvari said comments have been streaming in. No comments will be accepted after Friday, 1 November.
Property owners who have checked their current valuation details and believe that their property has been incorrectly valued, should report this immediately to the valuations services directorate by email, phone or fax.
Once the valuation roll and rates policy are finalised, objections will be dealt with by the municipal valuer through a specific, legally determined process.
The new valuation roll and rates policy will come into effect in July 2008.
The roll will be revised each year.
The contact details for queries and issues regarding the draft valuation roll are:
Email: valuationenquiries@joburg.org.za
Phone: 011 375 5555 - select the option for rates policy and valuation roll
Comments on the draft rates policy must be submitted in writing to:
The City Manager
PO Box 1450
Johannesburg
2000
Comment can also be faxed to 011 381 9642. However, correspondence by email is preferred. Send this to ratespolicy@joburg.org.za. Enquiries can be directed to the City's rates and taxes directorate by phoning its call centre, Joburg Connect on 011 375 5555 and selecting the option for rates policy.
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