The purpose of a retaining wall is to separate different levels of soil in a terrain intended by nature to be sloped. As a result of this natural tendency, there is a constant natural force behind the wall, putting pressure on the wall and trying to return the soil to its natural sloping state.
Many sectional title owners renovate and upgrade their units over the years with the aim of adding to their living comfort and market value. These owner-installed upgrades often pose a challenge when determining the replacement cost to insure a sectional title scheme.
This blog comprises a number of typical customer complaints that we deal with on a regular basis. Along with these complaints, we include our responses for easy reference and insight into common insurance valuation matters.
The new property levy will be determined based on the market value allocated to your property in a mass appraisal procedure. The mass appraisal techniques used by the General Valuation Roll leave ample room for error. All ratepayers will be afforded the opportunity to view the valuation roll and object to the municipal valuation if they do not agree with the assigned value.
It is important to remember is that the true intention of the STSM Act is to remedy many of the shortcomings that may currently be the cause of sectional title owners losing value in their property investments.