KW Select has been inundated with requests to help property owners. Remember this process will determine the rates and taxes you will be paying for the next four (4) years. Some neighbourhoods are worse off than others. Increases in some cases are up between 18% and 100%.
Did you have a look at the notice that COJ posted a while back. Did you miss it?
Most homeowners are unaware of the impact
The reality is that if you do not contest your new municipal valuation for your property you could pay more for your municipal rates and taxes than you should. And many homeowners are unaware of this situation.
Municipal Values are re-considered every four (4) years
The municipality embarks on this re-valuing process for every single property in their jurisdiction every four (4) years. The new valuation from your municipality will inform the municipality of the NEW rates and taxes you will pay. These valuations are published in the Valuation Roll. The good news is that you can check these values online at the COJ Communication portal.
I have added what a search result could look like. You will be required to put in your ERF number which you will get from your monthly COJ account. I know the value of this property so this valuation is correct.
What does the current situation look like?
In reality, the average growth for properties is not quite the proposed increase suggests.
What does this mean?
Well, apart from possibly paying more than you should for rates and taxes when you do decide to sell your property, the municipal valuation will be higher than the value you get when you decide to sell. This will become a major factor that buyers could and would consider carefully in the future. Furthermore, if you do sell your property in the next 4 years and your municipal valuation is higher than the sales price you get when you sell, your buyer will pay bigger amounts on the transfer values. Also, remember if you choose to sell in 3 or 4 years, you could potentially buy a property with the same scenario in mind. The financial cost considerations across Randburg are therefore severe. And you have until 31 March 2023 to check and possibly contest your new municipal valuation.
How do you object to your new municipal valuation?
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- Check your new municipal property value on the COJ Objections portal. Click here. Enter your address as it appears on your COJ monthly statement.
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- If you deduct your current or ‘old; valuation amount from the new proposed COJ valuation amount you will get a number. Calculate the percentage (%) increase and you may just get a little shock.
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- Remember if your percentage (%) increase is more than say 15%-18% then an objection is certainly warranted.
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- Also, remember, if your new municipal valuation is higher than the price you will get when you sell, you should certainly object.
There is one exception to consider
You may have done renovations or upgraded your property in a way that creates even more value to enjoy and certainly improves the value when you sell – this is a good thing, but COJ will not know on a granular level what work you have done on your property. Just check the percentage (%) increase to be sure.
Need to know what the sales price trends look like in your area?
Leave your details online via our website. We will assist as soon as possible. We are going out on a limb here. But we will assist. Remember there are 18 days to go.
Get in touch
Book your valuation online. A municipal valuation does not require a physical valuation, we can assist remotely. We will ask you to confirm whether you need a municipal valuation or a sales valuation though. We can assist you remotely. KW Select, always at your service.
