#RatesMustFall: 700% property value shock

[TheChamp]

Johannesburg - A Joburg CBD building owner, Rees Mann, got the shock of his life when he opened his municipal valuation bill and found it had increased by more than 700% - from R3million to a staggering R25m. He joins the fast-growing list of home and business owners up in arms over what they term excessive valuations that will force them off their properties.

The Mann family have been active in the inner city for many years, never moving out despite the decline in the Pritchard Street area, which was once a thriving clothing-manufacturing hub. Mann still runs a sewing and haberdashery business. He was the founder of the Fashion District and helped train hundreds of designers and dressmakers, some of whom now rent his properties.

Mann also owns other buildings in the inner city, all of which have greatly increased in their valuations.

https://www.iol.co.za/news/south-africa/gauteng/ratesmustfall-700-property-value-shock-13537007

 

[Lupus]

700% is ridiculous, I've just bought a place, the papers haven't even transferred yet and it's already gone up 29%, they've valued it for 200 000 more then I paid for it.

 

[konfab]

Maybe he should ask Malema to expropriate the land form him. Then the national government can pay those rates

 

[Sideshow Bob]

Johannesburg - A Joburg CBD building owner, Rees Mann, got the shock of his life when he opened his municipal valuation bill and found it had increased by more than 700% - from R3million to a staggering R25m. He joins the fast-growing list of home and business owners up in arms over what they term excessive valuations that will force them off their properties.

https://www.iol.co.za/news/south-africa/gauteng/ratesmustfall-700-property-value-shock-13537007

And illiterates still keep voting DA, don't you miss Tau now

 

[Mila]

So instead of devaluing the property they are increasing the value? Weird

 

[yebocan]

So instead of devaluing the property they are increasing the value? Weird

more rates income for the municipality?

 

[yebocan]

700% is ridiculous, I've just bought a place, the papers haven't even transferred yet and it's already gone up 29%, they've valued it for 200 000 more then I paid for it.

jhb?

 

[Mila]

more rates income for the municipality?

yeah didn't think that one through.

 

[access]

is this buy market or by an evaluators mood

 

[Vrotappel]

DA, quickly destroying any appeal they had.

 

[Lupus]

jhb?

Yup

 

[c3n0byt3]

is this buy market or by an evaluators mood

Apparently they use "internationally accepted methodologies and practices" to figure out the valuation.
There's a write-up about the method on their website but they say it is ideally driven by on-site valuation officer reports.
And we all know those never really happened.

 

[saturnz]

well atleast now he can sell for 25m

as they say, if you can't afford to stay, move

 

[Ho3n3r]

How does one obtain this "municipal evaluation bill"?

 

[Mila]

well atleast now he can sell for 25m

as they say, if you can't afford to stay, move

Something the ANC can teach their supporters. You can not afford property. Deal with it.

 

[_Jakes_]

My evaluation has more than doubled from 1.15M in 2013 to 2.6M.

I also received a R3000 water bill the other day when they took a week to fix a gushing leak at my meter. They told me they cant reverse it because the onsite guys wrote that there was no flooding and it didn't affect my reading.

The DA is seriously starting to piss me off.

 

[Lupus]

Apparently they use "internationally accepted methodologies and practices" to figure out the valuation.
There's a write-up about the method on their website but they say it is ideally driven by on-site valuation officer reports.
And we all know those never really happened.

We never had an onsite valuation officer come

 

[saturnz]

Something the ANC can teach their supporters. You can not afford property. Deal with it.

given my views expressed on this issue in previous threads, the comment was very much tongue in cheek

 

[access]

Apparently they use "internationally accepted methodologies and practices" to figure out the valuation.
There's a write-up about the method on their website but they say it is ideally driven by on-site valuation officer reports.
And we all know those never really happened.

like in london, bunch of guys drove around in a car and wrote down what they felt like

 

[greg_SA]

There are always issues when properties are valuated by the city (talking about CoCT). But it is easy to sort out - just get a free valuation from your estate agent and send it to the city as an objection.