Print this page

City queries values

Posted On Wednesday, 25 September 2002 10:01 Published by
Rate this item
(0 votes)
Councils quality check puts office blocks worth at more than double initial sum
The City of Cape Town is among the more than 12000 objectors to recent residential and commercial property evaluations carried out on the citys behalf.

The valuation board this week begins its hearings into objections from homeowners and businesses concerning changes to the value of their properties.

Ann Conradt, the boards secretary, said people had 14 days in which to lodge objections, after which the board would make a final ruling. She said the number of objections so far was minuscule considering that about 550000 properties were valued. She said that the city council could also object to the evaluations submitted to them by independent valuators.

The council is allowed to object to the provisional roll and must put forward reasons why.

Conradt said that when the city council lodged an objection, it was because it had done a quality check on the valuation which it had commissioned.

In one instance, the council more than doubled the value of an office block in the city centre. The valuator pegged the property at R27-million, with the value of improvements at R19.5-million. However, the council is seeking to change the valuation to R66.7-million, improvements at R59.2-million.

Because of the number of evaluators out in the field, it was necessary to do a quality check. In this instance we found that the evaluator didnt take into consideration that the property was a sectional title property.

Africon, the independent company co-ordinating and managing the General Valuation 2000 project, has handed over its final report. Mike Dewar of Africon said that of the 550000 properties, only 4500 were not valuated owing to time constraints, resources and information. He said the owners of these properties would continue to pay their original rates.

Exco councillor for finance George Mellet said the city had saved R13-million on its initial valuation budget of R110-million.


Publisher: Sunday Times
Source: Sunday Times
eProperty News

Latest from eProperty News