While the City of Johannesburg has agreed to revalue 8,000 properties — mostly commercial buildings and blocks of flats — any property owner who believes their valuations are overinflated can lodge an objection. But they should act fast. Johannesburg’s municipal valuation roll, which covers all properties that fall into the city’s taxation net, has to be reviewed every four to five years under the Municipal Property Rates Act. The latest valuation roll was released for public scrutiny on February 20. Residents have only three weeks until the deadline for objections expires on April 6. Figures released by the city show that valuation increases have averaged 30%-40% over the past five years, which is in line with the 29.7% average increase recorded by FNB’s house price index for SA as a whole over that period. However, the city concedes that the valuations of close to 6% of properties have increased by more than 80%. While everyone accepts that market values have risen over the five y...
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