Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Local Government: Municipal Property Rates Act, 2004 (Act No. 6 of 2004)Chapter 5 : Valuation Criteria45. Valuation |
| (1) | Property must be valued in accordance with generally recognised valuation practices, methods and standards, and the provisions of this Act. |
| (2) | For the purposes of subsection (1)— |
| (a) | physical inspection of the property to be valued is optional; and |
| (b) | comparative, analytical and other systems or techniques may be used, including aerial photography and computer-assisted mass appraisal systems or techniques, taking into account changes in technology and valuation systems and techniques. |
(3)
| (a) | If the available market-related data of any category of rateable property is not sufficient for the proper application of subsections (1) and (2), such property may be valued in accordance with any mass valuation system or technique approved by the municipality concerned, after having considered any recommendations of its municipal valuer and as may be appropriate in the circumstances. |
| (b) | A mass valuation system or technique that may be approved by a municipality in terms of paragraph (a) includes a valuation system or technique based on predetermined bands of property values and the designation of properties to one of those bands on the basis of minimal market-related data. |
