The higher valuations do not necessarily mean higher rates bills. Neilson said the rate in the rand, to be implemented from July 1, would be proposed in April.
He said the 34% average increase in the value of Cape Town’s 875,000 homes was good news for their owners because it reflected a solid return on their investment.
“Good growth has also been achieved in the lower end of the property market, unlocking asset values as a means of empowerment,” Neilson said.
“The growth in sectional title properties, especially residential estates and vacant land, is an indication of the enabling environment that this administration has established over the years to unlock investment and to make Cape Town a top destination in which to work, play, live and do business.
“It shows confidence in how the city is being run and what has been achieved over the past years.”
Objections to the 2018 valuation roll can be made until the end of April. The roll is available online and at 32 venues across Cape Town.