Property values at Walvis Bay in sharp upward spiral

PROPERTY at Walvis Bay has, for the first time since the town was established, been valued in line with provisions of the Local Authorities Act, according to the Town Council The Council has so far been denied the income it is entitled to in terms of the willing-buyer, willing-seller concept, according to Acting Chief Executive Officer Andre Muller.

“The latest valuation roll has rectified this untenable situation to a large extent,” Muller said in a media release following public enquiries about higher municipal rates and taxes. All requirements of the Local Authorities Act were followed, said Muller.A valuer was appointed by the Tender Board, notices were published in newspapers and the public was informed that the roll was open for inspection.He said the roll was inspected by 30 property owners and no objections were lodged.Property values on the new roll are considerably higher than before.The value of a property of 805 square metres in Meersig, for example, increased from N$30 000 to N$40 000.Also in Meersig, a 1 750-square-metre property was previously valued at N$53 000, but is now worth N$123 000.The current value of a 302-square-metre property at Langstrand is N$70 927 while it was previously valued at N$3 180.The increased values led the Council to decrease the rate at which properties are taxed by 30 per cent for residential property owners.The rate applicable to businesses and industries was initially increased by 10 per cent in the current financial year, but Council decided this week to cut this rate by 40 per cent.”In other words, the rate at which all property owners are taxed, is 30 per cent less than in the previous financial year,” said Muller.”The resolution …must however still be promulgated by Government and it is therefore advisable that all property owners continue paying their accounts as billed.”Any credit due will be reflected once the accounts have been adjusted.”He said accounts for residential properties are still being re-evaluated and any recommendations will be submitted to the Council for consideration.All requirements of the Local Authorities Act were followed, said Muller.A valuer was appointed by the Tender Board, notices were published in newspapers and the public was informed that the roll was open for inspection.He said the roll was inspected by 30 property owners and no objections were lodged.Property values on the new roll are considerably higher than before.The value of a property of 805 square metres in Meersig, for example, increased from N$30 000 to N$40 000.Also in Meersig, a 1 750-square-metre property was previously valued at N$53 000, but is now worth N$123 000.The current value of a 302-square-metre property at Langstrand is N$70 927 while it was previously valued at N$3 180.The increased values led the Council to decrease the rate at which properties are taxed by 30 per cent for residential property owners.The rate applicable to businesses and industries was initially increased by 10 per cent in the current financial year, but Council decided this week to cut this rate by 40 per cent.”In other words, the rate at which all property owners are taxed, is 30 per cent less than in the previous financial year,” said Muller.”The resolution …must however still be promulgated by Government and it is therefore advisable that all property owners continue paying their accounts as billed.”Any credit due will be reflected once the accounts have been adjusted.”He said accounts for residential properties are still being re-evaluated and any recommendations will be submitted to the Council for consideration.