#RatesMustFall: 700% property value shock

My valuation increased by 60 percent.
It was way under market before, looks fair now. Still hurts from a tax point of view.
 
yebocan said:
There should be an objection process...
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There is an objection process, but you've got to go into one of the walk in centers to do it. They don't accept emails, faxes or any modern form of communication. It's like trying to change the address for ownership of the car, everything is so freaking ancient in this regards.
 
Sinbad said:
My valuation increased by 60 percent.
It was way under market before, looks fair now. Still hurts from a tax point of view.
Click to expand...

Same here. I think it was lekker under the previous administration because they just did not bother to update their records and billing etc. The new DA aministration is now actually doing what they are supposed to be doing to get the finances etc right for the City, but as you said.....it is going to hurt big time.
 
No, they ignore estate agents valuations, I have been through the process.

So they pretty much keep their incorrect and overstated value.

As far as I am concerned, this is just common fraud.

You can Appeal against their value after the objection, but this can take years and in the meantime they charge you excessive rates that you cannot really get back.
 
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saturnz said:
well atleast now he can sell for 25m

as they say, if you can't afford to stay, move
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Haha this is exactly what people do.

Buy a house for 1 mil. Two weeks later gets valuated for 2 mil. Jackpot, house is now in the market for 2 mil.

Happened in CPT. Just look at the slums in Woodstock for 2 to 3 mil today. Or flats the size of a container for 1 mil.

All this because of bullshiit valuations and estate agents/Owners cashing in on the bullshiit valuations.
 
Lol

The valuation is based on the market, not the other way round.
 
Jola said:
No, they ignore estate agents valuations, I have been through the process.

So they pretty much keep their incorrect and overstated value.

As far as I am concerned, this is just common fraud.

You can Appeal against their value after the objection, but this can take years and in the meantime they charge you excessive rates that you cannot really get back.
Click to expand...

In CoCT? It worked for me and several other people that I know...
 
Lupus said:
There is an objection process, but you've got to go into one of the walk in centers to do it. They don't accept emails, faxes or any modern form of communication. It's like trying to change the address for ownership of the car, everything is so freaking ancient in this regards.
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CoCt allows for online objections...never used it, there are a few consultancies that have popped up, that do all the leg work on your part...for a fee of of course. We always object to keep rates as low as possible.
 
access said:
like in london, bunch of guys drove around in a car and wrote down what they felt like
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Lol no. They use google earth images, look at the average sale price in the area. Then because of the volumes they just quickly write down any price they feel like. This isn't the muni it self, they outsource to a valuation company.
 
Why dont they go according to the Deeds office records of the last selling price? Then again, you will have properties that have not changed hands for 10 years, so that also wont be accurate compared to the current market value I guess.
 
rietrot said:
Lol no. They use google earth images, look at the average sale price in the area. Then because of the volumes they just quickly write down any price they feel like. This isn't the muni it self, they outsource to a valuation company.
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yeah i was joking with the international methodologies and practices
 
Welcome to the DA.

My property in Cape Town was increased twice last year for a total of 50% increase in value in one year.

Objections will be attended to "when they get to it" - you must keep paying in the meantime. I logged an objection in October, still haven't heard anything.

About 120% since 2015.
 
terencej said:
Just look at the slums in Woodstock for 2 to 3 mil today. Or flats the size of a container for 1 mil.

All this because of bullshiit valuations and estate agents/Owners cashing in on the bullshiit valuations.
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If people are paying that price then it isn't overvalued. You can make up any price you want, doesn't make it worth that price. It is worth what people want to pay for it.

Everyone wants to live in Cape Town, specifically they want to live close to the City itself. That is why "slums" like Woodstock are selling for those prices. Compared to all the areas around Woodstock (ie> Gardens, Tamboerskloof, Cbd, etc.), the area is positively a bargain.
 
xrapidx said:
Welcome to the DA.

My property in Cape Town was increased twice last year for a total of 50% increase in value in one year.

Objections will be attended to "when they get to it" - you must keep paying in the meantime. I logged an objection in October, still haven't heard anything.

About 120% since 2015.
Click to expand...

got me thinking, the constant increase in property value in CT, is it real or just inflated property value, from the city's side?
 
yebocan said:
got me thinking, the constant increase in property value in CT, is it real or just inflated property value, from the city's side?
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Money raising, the service you get certainly doesn't justify the fees we pay.

Their justification for adding the second increase last year was the renovations I did, they added R450,000 to the initial value... that's without even seeing the renovations. The property exterior did not change, the only thing that changed on the interior plan was the removal of one wall... based in that alone they decided it was a R450,000 increase.

None of my future renovations will be done above board. **** them.
 
Guys, how can you work out the new rates with the new value? Work out the percent difference between old and new value and then just add that percentage diff to the rates you currently paying? :confused:
 
My wife is a Property Valuer. She explained to me last night how the process works. She assisted in the revision of a municipal roll once.

The company she works for has one valuer who just handles queries related to Johannesburg. The poor lady has actually developed a ulcer because of her job. In December she broke some ribs during a coughing fit.
This is going to be a nightmare to sort out.
 
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