City introduces new property rebates scheme

Executive Mayor Herman Mashaba hopes the new property rebates will attract more investors into the city.

Developers planning on building along strategic economic nodes will be able to apply for rebates from the City of Johannesburg.

Executive Mayor Herman Mashaba said that the Property Rebate Scheme is available to developers building new or refurbishing old infrastructure.

“Any taxpayer, entrepreneur, legal entity, company, close corporation, trust, property owner or independent individual will be eligible to benefit from the City’s Property Rebate Scheme if they own, purchase or refurbish existing buildings solely for commercial and industrial purposes, including rental of residential units,” he said.

The move is expected to address basic service delivery shortfalls while enhancing the City’s investment climate, possibly enabling job creation.

Rebates will be applied to strategic economic nodes between Soweto and the inner city; Sandton to Orange Grove and Turffontein to the inner city.

Rebates will also be applied to buildings along the Gautrain and Rea Vaya routes, Mashaba said.

“A special category of incentives has been created to give developers a ‘rebate holiday’ of about three years. The City is doing this to encourage new developments which will stimulate economic growth.

“The rebate will only be processed once the development has been approved by the Department of Development Planning.”

READ: Pensioner rebate income bracket could increase 

There are various categories of rebates on offer, and interested parties are encouraged to visit the City’s Revenue Shared Service Centres for more information.

A property rebate is applicable from the date of application and remains valid for the duration of the valuation roll. Rebates will also be considered for owners of vacant land who may apply for a 50 per cent discount if the City is unable to provide basic municipal services to develop the land.

The City hopes that this scheme will help bring much-needed upgrades and renewal to transit orientated developments across the metro. “I am confident this will lead to job creation and a massive spurt of growth and wealth for investors,” Mashaba said.

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  AUTHOR
Chantelle Fourie
Metro Reporter

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