Cape Town - Atlantic Seaboard residents are alarmed at their recent property valuations by the DA-controlled City of 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.
“The Sea Point, Fresnaye and Bantry Bay Ratepayers’ Association (SFB) attended a meeting hosted by deputy mayor Ian Nielson and ward councillor Nicola Jowell this week to voice the concerns of property owners in our area and obtain a better understanding of the process,” the association said.
“The SFB strongly urges citizens who believe their valuation is incorrect to object before April 30 to ensure a healthy and fair real estate ecosystem is maintained,” it said.
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.
He said residents were viewing this as a means by the City to rake in more revenue.