JJ_Property.CoZa

21/10/2023

https://businesstech.co.za/news/property/726360/this-house-in-cape-town-is-on-the-market-for-r195-million/

A property on Cape Town’s Atlantic Seaboard will set you back close to R200 million.

09/05/2023

"Tough times never last, but tough people do."
- Robert H. Schuller -

25/04/2023

Various major municipalities have posted their General Valuation Roll for 2023, and initial samples indicate that the new valuations are ...

24/04/2023

24/04/2023

"Companies that solely focus on competition will die.
Those that focus on value creation will thrive."

- Edward de Bono '

13/04/2023

Old school real estate services combined with state of the art, fully integrated, agent-orientated IT systems offered free of charge..

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01/04/2023

Municipalities publish a municipal roll every four years. The most recent City of Johannesburg roll was published on 15 February 2023.

The published roll is open for public inspection online at https://objections.joburg.org.za or you can inspect the roll at a City of Johannesburg walk-in centre.

It is important for all property owners to inspect the roll ensuring that your property value is in line with market related properties in your area.

Section 78 of the Rates Act provides for a procedure should you fail to object within the time periods specified in terms of which one can lodge a query to the valuation directorate in terms of which you request them to re-visit your property valuation. It is however advisable that you object within the prescribed period, namely prior to5th May 2023.

The objection must include your reasons for the objection together with any evidence in support thereof. On the lodgement of your objection, you will receive a confirmation letter containing an objection number.

The municipal valuator will consider the objection and either make an adjustment to the valuation roll, alternatively, dismiss the objection. If the municipal valuator adjusts the value by more than 10% the objection will automatically be submitted to the Valuation Appeal Board for a compulsory review. The municipal valuator will advise one in writing as to what the valuator’s decision is. The objector is entitled to request written reasons for the valuator’s decision within 30 days of the decision. The valuator has 30 days to provide written reasons. The property owner then has 21 days thereafter to appeal the valuator’s decision should you be unhappy with that decision.

Appeals must be lodged in the prescribed manner with the Municipal Manager who is obliged to refer the appeal to the Chairperson of the Appeals Board within 14 days after receiving the Appeal.

The Chairman of the Appeals Board will convene a meeting of the Appeals Board within 60 days after the Appeal has been forwarded to the Chairperson. The Chairman of the Appeals Board will inform all parties concerned of the date and venue where the appeal hearing will take place. The Appeals Board decision will be published.

This is a mouth full!
Let us assist you with a free market related assessment on your property to ensure that you don't overpay on your rates and taxes.

Visit www.propertycoza.com to find a Property Professional located closest to your area of residence.

31/03/2023

The SA Reserve Bank's monetary policy committee hiked interest rates by 50 basis points to 7.75%. Economists were expecting an increase of 25 basis points.

Three members of the monetary policy committee voted in favour of the 50 basis point hike, while two wanted a 25 basis point increase.

The latest hike brings the prime rate to 11.25% - the highest level since 2009.

On a new home loan of R2 million at the prime rate, the latest increase hikes the monthly instalment by around R680. Since November 2021, monthly payments on a R2 million home loan are almost R5 500 more expensive due to a raft of rate hikes.

Reserve Bank governor Lesetja Kganyago said that inflation pressures remain a risk and that load shedding is pushing up the cost of living.

In February, headline inflation unexpectedly rose to 7% - the first increase in four months - due in large part to raging food prices. Food and non-alcoholic beverages annual inflation hit 13.6% - the highest level since April 2009.

Apart from local inflation, the local monetary authorities must also keep track of US interest rates, which have seen aggressive hikes. The gap between US and South African interest rates can't widen too much, otherwise foreign investors – who are on the hunt for solid interest rates - will shun rand-based assets. This will put more pressure on the rand, which is already one of the worst currency performers this year.

Kganyago warned that further rand weakness is likely, which would further fuel inflation.

Source: News24

23/03/2023

12/03/2023

Sandy Walsh, Managing Director of Property.CoZa is ready to take on the Cape Town Cycle Tour.

Good luck to all our Property.CoZa cyclists participating this year. We’ll meet you in Fish Hoek at Property.CoZa Success!