There is quite a lot of anxiety about the new property rates taxes that will come into effect on 1 July 2008. However, before you panic we provide you with the formula that the Tshwane Council will use to determine your new monthly property rate tax. Here is what you should do to calculate your property tax.
First, go to http://www.tshwane.gov.za/ to see what your new property valuation is.
Secondly, apply the following formula to calculate your new tax rate.
Your property value - R50 000 X 0,9% - 35% ÷ 12 months = monthly rate
Example for a property valued at R 1 million
(1000 000 - 50 000) X 0,9% - 35% ÷ 12 = R463,13 per month
We hope that you find this information useful and that it provides certainty about your new property tax rate.
First, go to http://www.tshwane.gov.za/ to see what your new property valuation is.
Secondly, apply the following formula to calculate your new tax rate.
Your property value - R50 000 X 0,9% - 35% ÷ 12 months = monthly rate
Example for a property valued at R 1 million
(1000 000 - 50 000) X 0,9% - 35% ÷ 12 = R463,13 per month
We hope that you find this information useful and that it provides certainty about your new property tax rate.
3 comments:
To get to the actual valuation page. The direct link is http://www.tshwane.gov.za/gis/Valuation/ErfTown_Search.cfm
It will be worth while
Hi Guys
Please could you review this formula.
Looking at the first accounts received, the formula was not applied as original shown by Tshwane.
See http://www.tshwane.gov.za/documents/MPRA_FAQ's%20_2_.pdf
Section How are municipal property rates determined?
Regards
renier.lewis@gmail.com
Please ignore my comments, I have figured out what I was doing wrong in my calculations.
Regards
Renier.lewis@gmail.com
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