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High property rates are not unique to South Africa; in the USA, single-family taxes increased by 6.9% in 2023.
The introduction of “equity clauses” in property rates legislation is an interesting development. These provisions address situations where a property’s value aligns with its market value but is much higher than the values of similar properties in the area. Balancing “accuracy versus equity” will always be challenging.
The change in Johannesburg’s rates policy, limiting the R285,000 reduction on residential properties to one per owner, is similar to the UK’s move to levy higher rates on second homes.
The new “gas” tax to be introduced on Danish farmers is not a bad joke. Denmark will be the first country to introduce a real CO2 tax on agriculture.
Click here for the IPTI website.