Real value is based on what a buyer is willing and able to pay - Editor's letter

By IOL Reporter | Published May 20, 2021

Close friends spent a lot of time arguing with the municipality over the municipal valuation of their home. It was way over what it should be, they argued – and lost – with the consequence they were forced to pay higher municipal rates than they regarded as necessary. And the home is now on the market for at least 35% less than the municipal valuation because, as we all know, real value is based on what a buyer is willing and able to pay.