Valuation of properties in Knysna was completed yesterday and property owners will be informed in the post of their new property values at the end of February.

The value of a property directly influences rates payable on that property and in an area like Knysna, where property values have grown substantially over the years, there will be concern over these valuations.

The new Knysna values will also be available to the public at the end of the month.

The first account for the new rates to be paid by property owners will be received at the end of July.

Older areas such as Belvedere, Brenton, Knysna Heights, Old Place and the CBD will see a larger increase in rates payable than newer developments.

Knysna municipality finance director Grant Easton said that newer developments like Thesen Island, Pezula and Sparrebosch were subsidising the rest of Knysna, as these properties had been valued recently.

“Equity is going to come into place a bit now,” he said.

The new general valuation roll has been compiled by an independent firm of professional valuers, DDP Valuers, who tendered for the contract.

In the past, two different values were assigned for a property, one for the value of the land and the other for improvements (buildings).

The new general valuation roll, as stipulated by the recently enacted Municipal Property Rates Act, makes provision for only one value, the market value of the property on the willing seller, willing buyer principle.

Property owners who object to the new valuations of their properties can contact the council, which will forward the objection to the valuation board.

If the board reassesses a property, rates will be charged on the reassessed value.