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Valuation Department

Ministry of Housing and Land Use Planning

LandDutiesTaxes

​​​​Valuation for Land Duties and Taxes​​​​​​​


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Valuation Department advises the Registrar General on the Mark​​​et Value of immoveable property transferred which is subject to taxation.

Market Value is defined in the Land (Duties and Taxes) \Act (as amended) as "the value which a property might reasonably be expected to realize if sold on the market by a prudent vendor".
​​For that purpose, the Valuation Department determines market value, in line with the International Valuation Standards Council guidelines based on the following rules: 


  1. ​- There is a willing and prudent seller;​
  2. - There is a willing and prudent buyer;
  3. - That prior to date of sale there had been a reasonable period in which to negotiate the proposed sale considering the prevailing market conditions;
  4. - That property values will remain static throughout the period during which the property is marketed;
  5. - That the property will be freely and fully exposed to the market;
  6. - That no account is taken of any additional bid by a prospective purchaser with a special interest;
  7. - That both parties to the transation had acted knowledgeably, prudently and without compulsion. 
The Registrar General, acting upon the advice of the Valuation Department, serves a notice on the persons/entity whose property has been re-assessed and the amount of additional tax payable.

Anybody dissatisfied with the re-assessment of a property by the Registrar General, may lodge an objection to the notice under Section (3D) of the Finance Act 2008.

Should anybody still be dissatisfied with the outcome of his case before the Objection Unit of the Registrar General Department he may appeal to the Assessment Review Committee.

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