New data from TPN Credit Bureau reveals that excessive rates and taxes are adding pressure to commercial property owners.
Commercial property landlords face mounting municipal costs – including rates, taxes and metered utility costs – which are often passed on to consumers through higher prices.
Data from the South African Property Owners Association , corroborated by the South African Cities Network shows thatThis points to municipalities relying more on property rates to bolster their revenues –Although commercial property owners face increased rates and taxes, they continue to pay despite not receiving value for their money, said TPN.
Inflation is eating away at what little disposable income households have, forcing consumers to cut back spending and completely change their spending habits to make ends meet. This, in turn, impacts businesses as the pressures come full circle.Regarding the economic hubs of the country, TPN reported that the Western Cape has the lowest rates and taxes across all three major commercial property types, including retail offices and industrial.
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