Atlantic Seaboard residents face alarming 34% rates hike
Cape Town - Residents are facing an up to 34% hike in rates, which is above the average valuation for the entire city of Cape Town.
Property experts have also expressed their concerns. “In previous years when the City did their property valuations they undervalued some property; now we are seeing the complete opposite. The valuation is completely out of sync with the market,” said Jawitz properties chief executive Herschel Jawitz. “This will really hit homeowners hard because what we have seen is a slowdown in property growth and generally it’s a massive blow for consumers,” Jawitz added.
The City council has so far received thousands of objections to their property valuation increases of more than a third on average but in some cases as high as 100%.
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