Market Value of my house re-rate

Yes... completely off topic... but I want your guys input.

I have just received a notice from City of Jhb with the new Market Value of my home. It has dropped R40k in value according to COJ from last year's market value, and well below what I would sell the house for if I were to put it on the market. I know a lower Market Value means my R&T should be lower... but should I raise an objection or just leave it? Does this Market Value deemed by council have any weight to me selling the house?

 

howzit, i got the same, mine dropped about 10k... awesome news.. less rates and taxes and does nothing to you property valu when you want to sell. my house was valued at 750K i sold for 950K...

 

I would not worry about their valuation as council base that value on a standard house in that area. Im sure they didnt especially come out and looked at your property individually.
An estate agent will be able to give you a much better and near accurate valuation.

 

Agree with Ammar. My house I sold was valued about R350K less than I paid and I sold for more than I paid. Rates dropped from over R1000 to about R700.00.

 

i think just be happy it went down, some people have been valued at more than 3 times their previous value.. OUCH!

 

We've just moved house/had valuations etc. It has no bearing on the resale value of your house.
It is good in your instance, as your rates should be less now.
People in our neighbourhood are writing in to get their valuations lower.

 

Ok cool. This was my first home bought, so I have no idea how the council Market price value affect the selling price.

Was just a question.

 

It also has no bearing on insuring your house as insurance is based on the replacement cost.

 

Nice to know, hopefully mine drops as well! Then again I'm not paying rates and taxes yet because the stupid council hasn't moved it onto my name so wouldn't know the difference.

Let us know if it made a difference in your R&T!

 

The bank will come and do an (unrelated to market value from city of jhb guys) valuation of your house when you buy and they use this for insurances purposes as well.

 

And lets be honest, the guy in the council that rated your property was barely able to hold the crayon he used to write the values down with

 

Lol. Yeah the only thing it's used for is the rates calc. Mine is 360k more than what I paid for it and about 600 below market value. Insurance replacement value is even more.