Cape Town - The vast majority of Cape Town business and residential property owners believe that their properties have been significantly overvalued by the City and that the present system of determining valuations is unfair.
This is according to President of the Cape Chamber of Commerce and Industry, Geoff Jacobs.
In a survey of its membership by the Cape Chamber of Commerce and Industry, 63.2% of respondents saw the rating system as a wealth tax while only 36.8% said it was a reasonable way to raise revenue for local government.
“What surprised us most was the number of properties which our respondents said were overvalued by 100% or more,” said Jacobs. “One would expect variations of perhaps 20 % but when the 100 % figures appear then it is clear that something is very wrong.”
Nearly 61% of respondents said their business properties were overvalued while 73% said their residential properties were overvalued.