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Property base in the City of Johannesburg in 2023 has increased to a smashing over R1.5 trillion from over R1.4 trillion since 2018 when the last valuation was conducted. The increase represents a 12% in property base according to the General Valuation (GVR) 2023.
Astonishingly, the highest business and single property in the City is valued at R10.1 billion, while the highest residential property is valued at R418 million.
The 934 652 Johannesburg property owners will soon find out about the new values to their properties. This comes ahead of the implementation of the General Valuation Roll (GVR) 2023, which kicks in on the 1st of July 2023.
The City of Johannesburg’s Acting City Manager, Bryne Maduka, today, 31 January 2023, formally received the General Valuation Roll 2023 from the Municipal Valuer. A General Valuation Roll is a legal document that consists of property information of all rateable properties within the boundaries of a municipality.
Maduka says property owners should be on the look out to receive a formal notification (Section 49 notice) about the new values to their properties.
“The City Manager must within 21 days of receipt of the Roll publish in Provincial Gazette, that the Roll is open for inspection. This will be followed by the City sending out the Section 49 Notices, to invite the owners to inspect the Valuation Roll and object should the need arise,” says Maduka.
Maduka explains that the GVR process is important as it helps the City to assign a value and a category to all properties in a municipality. The objective is to generate rates on an equitable basis.
“The new property value means the owners will now pay the different rate once the implementation kicks it,” adds Maphologela.
“We have reached the milestone as the City, in that for the very first time we have successfully compiled and produced the Valuation Roll internally thus making significant cost savings,” says Maduka.
If you would like assistance with a valuation of your property, please get in touch.