PROPERTY VALUATIONS OBJECTIONS CUT OFF TIME APPROACHES BUT...

[Doug B]

Good news for local property buyers is that even though the time for objections to over valued properties comes to an end at the end of the month, there is still relief for purchasers. The current rates are based on the value given to the property by the Municipality x 0.009% divided by 12 to give a monthly figure. The figure given by the Municipality has often no bearing on what the willing buyer and willing seller are prepared to close the deal on - more often than not far less than the Municipal valuation. Relief for the buyer is that even though the time period may be coming to an end, a submission of the sales agreement together with the forms to be completed for objections (the Real Estate Unit, 13th Floor, Dr Langal-Ibalele Dube Street (Winder Street) or at the Sizakala Customer Centres or will be able to be downloaded from the Municipal website www.durban.gov.za) will enable buyers to POSSIBLY bring the municipal valuation down to that what was paid with a resultant lowering of the rates. This is applicable to Durban, I'm not too sure about the rest of the country