The property valuation roll released recently reveals a startling reality: residential property values have skyrocketed by over 60% in many areas. While property investors may celebrate this apparent windfall the implications for the average homeowner are far more concerning.
Already struggling with rising electricity costs, inflation and more, these dramatic increases threaten to translate into unmanageable property tax hikes.
This massive jump also raises serious questions about the previous valuation process. How could properties have been so dramatically undervalued five years ago? Increases of 60% and more suggests not natural market appreciation, but rather systematic assessment failures.
The municipality must be held accountable for this apparent mismanagement that has created a possible financial whip for residents.
While municipalities need sustainable revenue they also have a responsibility to ensure fair and gradual valuation adjustments. Drakenstein should consider implementing phased increases or rebates for primary residences to prevent forcing long-term residents from their homes due to unsustainable tax burdens.
Local homeowners should use the objection period wisely, scrutinising their valuations and exercising their right to challenge assessments that seem disconnected from reality. Our community’s stability depends on balancing municipal needs with residents’ ability to pay.
