Shebeen Posted August 17, 2020 Share then it would be warmer... Link to comment Share on other sites More sharing options...
Shebeen Posted August 17, 2020 Share Only asking R25M. https://www.property24.com/for-sale/harbour-island/gordons-bay/western-cape/7827/107915865asking R25m, for a house valued at R7.6m http://web1.capetown.gov.za/web1/gv2018/RatesEstimation?parcelid=hel005749000000&id=21719&rateCategory=0101&propertyValue=7600000 i wonder if he takes the lift to his bedroom after working out in the home gym Long Wheel Base and Hairy 2 Link to comment Share on other sites More sharing options...
Long Wheel Base Posted August 17, 2020 Share asking R25m, for a house valued at R7.6m http://web1.capetown.gov.za/web1/gv2018/RatesEstimation?parcelid=hel005749000000&id=21719&rateCategory=0101&propertyValue=7600000 i wonder if he takes the lift to his bedroom after working out in the home gymI wonder why such a big difference in values?Even if it sells for half the asking price, that is still a lot more than what it's valued at. Link to comment Share on other sites More sharing options...
Shebeen Posted August 17, 2020 Share stop talking to yourself... Hairy 1 Link to comment Share on other sites More sharing options...
splat Posted August 17, 2020 Share asking R25m, for a house valued at R7.6m http://web1.capetown.gov.za/web1/gv2018/RatesEstimation?parcelid=hel005749000000&id=21719&rateCategory=0101&propertyValue=7600000 It's only worth what someone is willing to pay I wonder why such a big difference in values?Even if it sells for half the asking price, that is still a lot more than what it's valued at. Link to comment Share on other sites More sharing options...
Shebeen Posted August 17, 2020 Share I wonder why such a big difference in values?Even if it sells for half the asking price, that is still a lot more than what it's valued at.because mr burger doesn't want to pay too much in rates. Long Wheel Base 1 Link to comment Share on other sites More sharing options...
bertusras Posted August 17, 2020 Share I wonder why such a big difference in values?Even if it sells for half the asking price, that is still a lot more than what it's valued at. Council valuations are rarely anything to go by though. The city needs to make X amount per year from property taxes. There are Y amount of properties. Divide X by Y and apply some ratios, now you have a value. That's all that it is. Like splat said, the real value is what someone else is able and willing to pay. Nothing more, nothing less. Edited August 17, 2020 by bertusras Long Wheel Base and Hairy 2 Link to comment Share on other sites More sharing options...
Shebeen Posted August 17, 2020 Share Council valuations are rarely anything to go by though. The city needs to make X amount per year from property taxes. There are Y amount of properties. Divide X by Y and apply some ratios, now you have a value. That's all that it is. Like splat said, the real value is what someone else is able and willing to pay. Nothing more, nothing less. ja but. if the house is undervalued by a factor of 3 then this guy is getting a discount on rates. the whole process is supposed to actually reflect the market value as close as possible. he probably complained that R7 is too much for a pondok with no grass and a blazing south easter for 6 months of the year. another one going for R37m but paying rates on R9mhttps://www.property24.com/for-sale/muizenberg/cape-town/western-cape/9025/108877608 Link to comment Share on other sites More sharing options...
LongDonkey Posted August 17, 2020 Share Browsing through my usual auctions and then saw this. I am sure even the opening bid will be over my budget but will definitely log in and watch the auction on the day. I wonder if this is a hubber?????Go to the virtual walk through and check the gym and garage. A lefty in both. https://www.whauctions.com/#!/itemDetails/4166/514435What a dump! Link to comment Share on other sites More sharing options...
Hairy Posted August 17, 2020 Share ja but. if the house is undervalued by a factor of 3 then this guy is getting a discount on rates. the whole process is supposed to actually reflect the market value as close as possible. he probably complained that R7 is too much for a pondok with no grass and a blazing south easter for 6 months of the year. another one going for R37m but paying rates on R9mhttps://www.property24.com/for-sale/muizenberg/cape-town/western-cape/9025/108877608that mentality is also flawed. if you have two houses that are identical standing next to each other ... the left hand house has a cheap as chips interior fit out and services, the right hand house went to town with a hightech security system, awesome automated house and equipment, exceptional finishes and fittings. now the right hand house would naturally sell for more than the left hand house ... why should he be paying more rates and taxes? They are using the same roads to get to the house, the same municipal collections, etc? The right hand house will pay more in tax again when selling his property too. bertusras, Captain Fastbastard Mayhem, DJR and 1 other 4 Link to comment Share on other sites More sharing options...
bertusras Posted August 17, 2020 Share ja but. if the house is undervalued by a factor of 3 then this guy is getting a discount on rates. the whole process is supposed to actually reflect the market value as close as possible. Yes, and no. Having gone through this whole exercise the past few months (I work for a property developer), it's not quite a simple as just looking at the value. Tshwane's last General Valuation was in 2016 (it's done every 4 years) when the property market was pretty high. Since then, REIT's have plummeted, vacancies have increased, rentals have come down significantly. Yet, the CoT decided to increase the values of our properties across the board, by between 20-40%. We immediately thought, jeeze, now we're in trouble and started gathering information to appeal the new valuations. Much later after having put all the facts together, we had found out that the multiplication factor to calculate the actual Rates & Taxes had also been reduced, which meant that the actual Rates & Taxes would stay more or less the same, or come down in some cases. Like I said previously, it has got nothing to do with the actual value of the property, and more to do with the income that the City is supposed to generate. If you believe that his valuation is too low, you are very welcome to submit an appeal to the City. Edit: Is your property valuation an accurate reflection of your perceived value? Edit 2: From the Local Government: Municipal Property Rates Act 46. (1) Subject to any other applicable provisions of this Act, the market value of aproperty is the amount the property would have realised if sold on the date of valuationin the open market by a willing seller to a willing buyer. (2) In determining the market value of a property, the following must be consideredfor purposes of valuing the property:(a) The value of any licence, permission or other privilege granted in terms oflegislation in relation to the property;(b) the value of any immovable improvement on the property that was erected or is being used for a purpose which is inconsistent with or in contravention ofthe permitted use of the property, as if the improvement was erected or isbeing used for a lawful purpose; and© the value of the use of the property for a purpose which is inconsistent with orin contravention of the permitted use of the property, as if the property is being used for a lawful purpose. What is Market Value? The market value of a property on a particular day will be:- The price paid by a willing buyer to a willing seller;- On that day;- In a free and open market;- Where neither of the parties was under any particular pressure to buy or sell; and- The parties to the sales transaction are not related to each other in any way. 45. (1) Property must be valued in accordance with generally recognised valuation(2) For the purposes of subsection (1)-practices, methods and standards, and the provisions of this Act.(a) physical inspection of the property to be valued is optional; and(b) comparative, analytical and other systems or techniques may be used,including aerial photography and computer-assisted mass appraisal systemsor techniques, taking into account changes in technology and valuationsystems and techniques.(3) (a) If the available market-related data of any category of rateable property is notsufficient for the proper application of subsections (1) and (2), such property may bevalued in accordance with any mass valuation system or technique approved by themunicipality concerned, after having considered any recommendations of its municipalvaluer and as may be appropriate in the circumstances.(b) A mass valuation system or technique that may be approved by a municipality interms of paragraph (a) includes a valuation system or technique based on predeterminedbands of property values and the designation of properties to one of those bands on the basis of minimal market-related data. The value is not determined by the Council itself, but is rather contracted out to 3rd Parties: I found another source online that made specific reference to the computer-assisted mass appraisal systems (CAMA): “Based on geographical information and recent sales in your suburb, the city uses a CAMA system to determine values of all properties. These figures are released once every four years and are published online on the various municipal websites.” Edited August 17, 2020 by bertusras Long Wheel Base 1 Link to comment Share on other sites More sharing options...
Shebeen Posted August 17, 2020 Share that mentality is also flawed. if you have two houses that are identical standing next to each other ... the left hand house has a cheap as chips interior fit out and services, the right hand house went to town with a hightech security system, awesome automated house and equipment, exceptional finishes and fittings. now the right hand house would naturally sell for more than the left hand house ... why should he be paying more rates and taxes? They are using the same roads to get to the house, the same municipal collections, etc? The right hand house will pay more in tax again when selling his property too.ja obviously it's not perfect.obviously it's skewed towards the rich paying more to cross subsidise the poor (it's a tax, just like income tax) been a crap system since before this picture was taken, but if you have a better suggestion that is workable, by all means go for it. i was just pointing out that whoever buys this place will get a bit of a shock when they see how much rates could spike when it's revalued in 2021 Link to comment Share on other sites More sharing options...
geomark Posted August 18, 2020 Share Ed-Zulu, DJR, Steven Knoetze (sk27) and 4 others 7 Link to comment Share on other sites More sharing options...
geomark Posted August 18, 2020 Share Ed-Zulu, Fruity, Steven Knoetze (sk27) and 3 others 6 Link to comment Share on other sites More sharing options...
Fruity Posted August 18, 2020 Share 428 others, Kalahari Vegmot and The Guy in Pink 3 Link to comment Share on other sites More sharing options...
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