For various reasons I cannot disclose all relevant information but nevertheless please let me know what you think...
In 1997 I bought a single erf of 1815 square metres of prime residential land for R59'000. At the time of purchase, the land had a municipal value of R45'400 and rates and service charges were paid annually. My intention was to eventually dispose of the Kenilworth property and build another home in X which is in the heart of a so-called biosphere.
In September 2003, the vacant property was valued, this time at R95'000 - more than double its previous municipal valuation.
During 2008, the smelly stuff really hit the fan with a SIX-FOLD increase to R580'000 and of course the commensurate increase in rates and services.
For various personal reasons I do not wish to discuss here, I neglected to raise an objection. For the first time in several years, I carefully collated all rates accounts and correspondence regarding the property and only found the local authority's notice of objection for the valuation increase in 2003 but not the notice allegedly sent to object in 2008. I have since requested a copy of this notice but of course it is much too late to do anything about the problem
In recent days, I obtained some data regarding property values and sales since 2010 and it appears from these figures that vacant residential land more or less in proximity to mine did not attain R-value when sold anywhere near the municipal valuation.
Do you have any opinion regarding the first doubling and then a 6-fold increase of the erf's municipal valuation?
There must have been some really frenzied and reckless buying and selling of property in the area - or may be oil, gold or diamonds were discovered there between 2003 and 2008.
Right now, I am a bit cynical about this situation. I'm thinking of municipal salaries according to the 'municipal handbook', free cars for many officials, plenty of bosberade, nice buildings etc etc and so on. Reading the authority's newsletter showing many happily smiling municipal officials, I also learned that X number of newly built RDP-type houses were handed over quite recently...
mafioso
In 1997 I bought a single erf of 1815 square metres of prime residential land for R59'000. At the time of purchase, the land had a municipal value of R45'400 and rates and service charges were paid annually. My intention was to eventually dispose of the Kenilworth property and build another home in X which is in the heart of a so-called biosphere.
In September 2003, the vacant property was valued, this time at R95'000 - more than double its previous municipal valuation.
During 2008, the smelly stuff really hit the fan with a SIX-FOLD increase to R580'000 and of course the commensurate increase in rates and services.
For various personal reasons I do not wish to discuss here, I neglected to raise an objection. For the first time in several years, I carefully collated all rates accounts and correspondence regarding the property and only found the local authority's notice of objection for the valuation increase in 2003 but not the notice allegedly sent to object in 2008. I have since requested a copy of this notice but of course it is much too late to do anything about the problem
In recent days, I obtained some data regarding property values and sales since 2010 and it appears from these figures that vacant residential land more or less in proximity to mine did not attain R-value when sold anywhere near the municipal valuation.
Do you have any opinion regarding the first doubling and then a 6-fold increase of the erf's municipal valuation?
There must have been some really frenzied and reckless buying and selling of property in the area - or may be oil, gold or diamonds were discovered there between 2003 and 2008.
Right now, I am a bit cynical about this situation. I'm thinking of municipal salaries according to the 'municipal handbook', free cars for many officials, plenty of bosberade, nice buildings etc etc and so on. Reading the authority's newsletter showing many happily smiling municipal officials, I also learned that X number of newly built RDP-type houses were handed over quite recently...
mafioso
