Joburg and Cape Town property owners are in for a hike to rates and taxes this year.
The cities of Johannesburg and Cape Town will be implementing new General Valuation Rolls in 2023, which will impact the rates and taxes paid by property owners.
The city said that the GVR process is important as it helps the city to assign a value and a category to all properties in a municipality. The objective is to generate rates on an equitable basis. “The new property value means the owners will now pay the different rate once the implementation kicks it,” the city said.
According to the city, the highest business and single property in the city is valued at R10.1 billion, while the highest residential property is valued at R418 million.
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