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Johannesburg - Property specialists have said the belief that home owners' rates and taxes should be lowered in line with reduced property prices is a misconception.
Municipal rates are partly determined by a property's market value on an effective date. However, this figure is re-evaluated only every four years.
"The timing [of municipality ratings] plays an important role," said Deon Swart, head of property valuations at FNB.
"At present people are suffering under higher rates for properties that are not worth the same value as before," said Brian Miller, chairperson of the Property Owners' & Managers' Association. However, he also pointed out that should the valuation be done in bad times, an owner will benefit during the following upswing.
According to Absa's latest quarterly housing review, house prices are expected to decline about 3.5% in nominal terms in 2009.
- Fin24.com