Rates are calculated by charging a percentage of the valuation of your property as an annual fee. The higher the value of your property, the higher your rates will be. The value of the property is determined by valuers and the resulting value is multiplied by a factor (eg 2.4%), which in turn results in the amount of rates charged. These funds are then used by the Municipality to maintain NMBM infrastructure (such as roads and streetlights).
It is important to remember that the Municipality has to fund most projects and maintenance work in its area itself. Road maintenance, stormwater drainage systems, electricity consumed by street lighting and many other services that directly or indirectly benefit NMBM residents have to be financed. The income from rates charges finances these and other community services.
§ The property must be categorised as residential
§ You must be the owner of the property on 1 July of the year for which the rebate is being applied
§ You must be a pensioner and at least 60 years old
§ The joint income of all occupants residing on the relevant property may not exceed an amount prescribed by Council on an annual basis.
- Pensioners/Disabled Rates Rebates
- Rates Exemption for Public Benefit Organisations and Not-for-Gain Institutions
- Sporting Body Rates Rebate
- Public Benefit Organisations – Education Purposes Rates Rebate
Annual property rates are payable in full on or before the end of September each year.
§ The annual increase takes effect on the first of July of each year, as this Municipality’s financial year is from 01 July until 30 June the following year
§ When a supplementary valuation is done
§ Every four years, when the entire Metro gets revalued in terms of the Property Rates Act