The Guptas' huge tax windfall

2013-05-12 09:30
The Guptas’ large residential estate in Saxonwold has declined in property value over the past few years, despite the family pouring millions into the estate. (Felix Dlangamandla, Foto24)

The Guptas’ large residential estate in Saxonwold has declined in property value over the past few years, despite the family pouring millions into the estate. (Felix Dlangamandla, Foto24)

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Johannesburg - The super-rich Gupta family has received a property tax bonanza on their luxury R26.5m estate that other homeowners could only dream of.

City Press has established that the Guptas’ 6 000m² homestead in Saxonwold, northern Joburg, has been valued for property taxes at less than a third of the R26.5m the controversial family have poured into the property.

And, city valuation records show, not only are they paying taxes on a fraction of the property’s value but the valuation has dropped significantly from 2008 when the last citywide valuation was done.

Rapport revealed that the Gupta property was worth much more than what it was evaluated for by the municipality.

Their property value has also dropped significantly since the last evaluation in 2008.

These revelations come at a time when most property owners in Johannesburg are preparing for an increase of at least 5,3% in new taxes.

The Gupta family spokesperson could not comment due to the family being away at a wedding. 

Read more on:    gupta family  |  johannesburg

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