Section 7: Valuation of properties

7. Valuation of properties (1) The company shall make a general valuation of every property other than property specified in subsection (3). (2) For the purposes of subsection (1), the company shall determine the market value of each property, so far as that value is required for the purpose of levying or imposing any tax, rate or due. (3) No valuation shall be made in respect of— (a) agricultural land; (b) mountain reserves and river reserves which belong to the State; (c) forests, rivers and canals on State land; (d) public roads and bridges; (e) public parks; (f) property owned by a diplomatic mission; (g) monuments or statues; (h) cemeteries; and (i) such other property as may be prescribed. (4) The market value under subsection (2) shall be determined— (a) in accordance with international valuation standards using such methodology and parameters as may be prescribed; and (b) in terms of the value of the land parcel, buildings, if any, and the value of leasehold rights in State lands. L6A – 5 [Issue 2] LAVIMS (Project Implementation) Act (5) An authorised person may make a separate valuation of any portion of any property or may value any property jointly with other property. (6) An authorised person may make a separate valuation of any part of property forming part of a larger parcel or allotment, despite a prohibition against, or restriction upon, separate alienation of that portion of property by sale or lease, where— (a) the valuation is required by law; or (b) that portion of property is under separate physical occupation. (7) A value assigned to any property for the purpose of a general valuation shall be the value of that property as at such date as may be prescribed.