GENERAL VALUATION ROLL (GVR):
General Valuation Roll a legal document that consists of property information of all rateable properties within the boundaries of the municipality. It is produced according to the Municipal Property Rates Act 6 of 2004 which states that the GVR must be done every four years.
PURPOSE OF THE VALUATION ROLL
To determine a fair value of all properties. In some instances, the rates may go up while in others the rates may come down. It must be noted that many properties that have not been valued in the past will all now be valued and incorporated into the valuation roll.
The rates calculated for all properties will be determined from time to time by the rating policy, as well as how properties will be categorised.
HOW IS PROPERTY VALUATED?
There are two main categories: residential and non-residential.
The residential valuation is based on market value. For non-residential it is only calculated on the ‘willing seller, willing buyer’ principle. Income producing properties also take into account factors such as market rentals, occupancy and vacancy levels, operating expenses and capitalization rates.
Other non-residential properties, like schools and churches, are valued at building costs less depreciation. These are normally properties that do not sell on the open market.
Factors that influence the value of property include location, condition of the property and size of the building.
Mahikeng Local Municipality General Valuation Roll
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