Residential Property Values have fallen over the last few years, yet municipal valuations may not reflect the slump in property valuations. Meaning the rates and taxes linked to your property value may be to high. The City of Cape Town uses a computer valuation method known as the Computer Aided Mass Appraisal System (CAMA) the system looks at data based on recent property sales at the date of valuation. The City of Cape Town gave property owners a opportunity to object the municipal valuation of their properties and this is open until the end of April 2010. Thus far more than 30 000 objections have been received by the City of Cape Town.
The City of Cape Town has made an effort to assist cash strapped ratepayers by increasing the the primary rebate from R88k to R200k. Households with less than R3000 monthly income can apply for a 100% rebate and the pensioners rebate rate has now increased to R8 500 per month.
Property owners have until the end of April to object to the valuation that will come into effect on the 1st of July 2010.
Further information is avaliable on this link: City of Cape Town Property Valuations 2010
