CoCT 2023 property valuations

AchmatK

AchmatK

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So just received the notice about the property valuation increase taking effect from July 2023.

Property 1
Current rates valuation = R580 000
New rates valuation = R810 000
Increase of 39.655%

Property 2
Current rates valuation = R1 788 000
New rates valuation = R2 000 000
Increase of 11.857%

I will be objecting to at least the first one.

The wealth tax that erodes any sort of generational wealth you try and build up. At this point I'll be forced to sell in 15 years time as income is not keeping up with the value of the property 2. How someone thinks that it's fair to charge a tax based on perceived value when there is no relation to income. Either that or rent it out and move to a cheaper property.
 
Got an email yesterday for a commercial property. So had a look on their website for a 2023 valuation roll for private residence and they only have 2018 up.
 
I.am.Sam said:
i went to check on the portal and its not updated

still has the old owners details
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I only received these two in the post.

Property 3 was purchased last year and I did not get a notice for that one. I'll check online if there is a notice for it.
 
Also considering selling one of properties as the tax implications and interest rates are making it difficult. You can only increase rent so much until you start loosing tenants or getting high turnover rates. At this point i stand to gain more if i sold that property settle the outstanding amount and paying the rest into the bond of my main property. The property is worth almost 3 times more than what I bought it for a few years back.
 
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An increase of 6.25% on mine. It's a fair bit below what I've received from Estate agents so I guess it's a case of take it and run.
 
AchmatK said:
So just received the notice about the property valuation increase taking effect from July 2023.

Property 1
Current rates valuation = R580 000
New rates valuation = R810 000
Increase of 39.655%

Property 2
Current rates valuation = R1 788 000
New rates valuation = R2 000 000
Increase of 11.857%

I will be objecting to at least the first one.

The wealth tax that erodes any sort of generational wealth you try and build up. At this point I'll be forced to sell in 15 years time as income is not keeping up with the value of the property 2. How someone thinks that it's fair to charge a tax based on perceived value when there is no relation to income. Either that or rent it out and move to a cheaper property.
Click to expand...

Where do you see the current valuation?
 
Before you get over-excited, you need to factor in the rebate announced last month:

Good news for anyone who owns a property under R5 million in Cape Town

Good news for anyone who owns a property under R5 million in Cape Town The City of Cape Town is giving property owners some rate relief.
mybroadband.co.za
The city said that the rebate for all properties valued under R5 million will increase from R285,000 to R435,000 – an increase of 52%.
Click to expand...
 
Tried to register no email, tried to reset no email sigh, also can't really dispute it as properties around me have sold for more then they evaluated
 
Lupus said:
Tried to register no email, tried to reset no email sigh, also can't really dispute it as properties around me have sold for more then they evaluated
Click to expand...

CoCt evaluations have always been less than market value
 
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