Statutory Valuation
It is a part of valuation practice that relates to valuations as governed by legislations and regulations set by Government Authorities for property valuations.
Overview
When you are claiming for compensation for compulsory acquisitions the statutory valuations value your property close to market values so that there will be a reasonable level of transparency in the valuation process and the general public can have confidence in the outcomes.
Who Need This Service?
The Government and property owners.
When You Ned This Service?
When you are claiming for compensation for compulsory acquisitions.
What We Need From You To Start?
- Instruction/request from the client
- Survey plans, Title deeds, building plans, legal documents relating to the acquisition.
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Benefits
It serve as essential tools for ensuring legal compliance, fairness in property taxation, transparency, and accountability. They provide valuable information for property investment and development, insurance coverage, and compensation purposes. By promoting uniformity, stability, and informed decision-making, statutory valuations contribute to a well-regulated and functioning real estate market.
Legal Compliance
Statutory valuations ensure that properties are assessed and valued in accordance with the specific legal requirements and regulations set forth by the government or relevant authorities. This ensures adherence to the law and avoids potential penalties or legal issues.
Fair and Equitable Assessments
Statutory valuations aim to provide fair and equitable assessments of properties, ensuring that all properties are valued consistently and without bias. This promotes fairness in taxation and other statutory purposes.
Uniformity in Taxation
Consistent statutory valuations lead to uniform property taxation, ensuring that property owners with similar properties are subject to comparable tax assessments. This promotes equal treatment and reduces disparities in tax burdens.
Transparency and Accountability
Statutory valuations are typically conducted by qualified and independent valuers, enhancing transparency and accountability in the valuation process. This instills confidence in property owners and the public.
Property Investment and Development
For investors and developers, statutory valuations provide reliable information for decision-making. Accurate valuations support investment planning, risk analysis, and property development strategies.
Basis for Compensation
In cases of compulsory acquisition or government requisition of property, statutory valuations serve as a basis for determining fair compensation to property owners, ensuring just outcomes in such situations.
Market Stability
Regular statutory valuations provide a consistent and up-to-date picture of property values, contributing to market stability and enabling stakeholders to respond effectively to changing market conditions.
Property Insurance Coverage
Statutory valuations help property owners obtain the appropriate insurance coverage, ensuring that their properties are adequately insured against potential risks.
Support in Legal Disputes
Statutory valuations offer objective evidence in legal disputes related to property values, providing a solid foundation for resolving disagreements and reaching fair settlements.
Government Policy Formulation
Government authorities use statutory valuations to formulate policies related to property taxation, land-use planning, infrastructure development, and other public interests, facilitating effective governance.