RESIDENT UNHAPPY WITH ALARMING 34% HIKE IN PROPERTIES VALUATION

Hike in Property valuation Angers residents of cape town in South Africa.

Resident are unhappy with hike in property valuation by the DA controlled in the city of cape town. The hike is 34% above the average valuation for the entire city of Cape town.

Due to this event, The Sea Point, Fresnaye and Bantry Ratepayers Association (SFB) held a meeting with the deputy mayor Ian Neilson and Ward councilors Nicola Jowell. During the meeting, SFB voiced their concern of property owners in the area.

According to property experts, in previous years when the city did their property valuation, they undervalued some properties. SFB has also urge citizens who believe that their evaluation is incorrect to object before April 30. This will ensure that a healthy and fair real estate ecosystem is maintained.

Jawitz Property Chief Executive, Herschel Jawitz said ”The valuation is completely out of sync with the market. Resident are viewing this as a means by the city to rake in more revenue.”

According to Jawitz, it will hit homeowners hard because what they have seen is a slowdown in property growth.

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