Don’t panic about 12% increase in Joburg property rates – Rates Watch

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It is too early to panic about the property values in the City of Johannesburg’s new general valuation roll that is due to open next Wednesday (15  February), says Ben Espach director of valuations at Rates Watch.

Espach was responding to ratepayer criticism that the increase in the total property valuations outstrips the increase in market value.

The argument is that property values were negatively impacted by the Covid-19 pandemic as well as slow economic growth and the increase of 12% is excessive.

Espach points out that the valuation date of the existing roll is 1 July 2017, and that of the new roll is 1 July 2022.

Read the full article on Money Web here.

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