The South African Cities Network says that the country’s major metros have been getting more money from property rates than electricity – but it’s more complicated than one simply subsidising the other.
Data from the South African Cities Network shows that the country’s biggest cities have seen a major decline in electricity revenue over the last decade, while property rate hikes are one of the revenue streams that have seen a sizeable jump.by the South African Property Owners Association in raising concerns around the significant hikes property owners have had to absorb – though the SACN disputes the figures bandied about.
“The SAPOA assertion that property rates are becoming increasingly important in supporting municipal revenue is supported by SACN research, which shows that while electricity, the most important source of revenue for metros, has been declining as a proportion of total city revenue between 2016/17 – 2020/21. Property rates revenue has been increasing as a source of city revenue over the same period,” the SACN said.
When looking at the relationship between the growth in house prices, national GDP growth, and CPI between 2010/11−2015/16 and 2015/16−2020/21 , the growth in house prices matched inflation from 2010/11 to 2015/16 but was lower than inflation from 2015/16 to 2020/21.
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