The Valuation Process

The qualified professionals at the Valuation Division of the Ministry of Finance are responsible for calculating the Annual Rental Value of properties based on the established criteria.

FACTORS USED TO CALCULATE VALUE OF PROPERTY

• Location of the Property (Neighbourhood)
• Classification of the Property (Executive,  Modern, Standard [I & II])
• Category of the Property (Agricultural, Commercial, Residential, Industrial)
• Dimensions – Property Floor Area
• Modifications to the particular property

THE VALUATION PROCESS

1. The Valuation Return Form (VRF) will be delivered to property owners via post or forms can be collected from any Valuation Division office or downloaded from the Ministry’s website
2. Submission of the VRF to any office of the Valuation Division
3. The Valuation Division may conduct a physical assessment of the property.  (If a physical assessment of the property is required, the Commission of Valuation will give a written notice)
4. The Valuation Division will then calculate the Annual Rental Value (ARV)
5. The Commissioner of Valuations creates the Valuation Roll
6. The Commissioner of Valuations will serve notice of the valuation to the owner
7. Owner within 30 days after service of the notice of valuation, may post or lodge with the office of the Commissioner of Valuations, an objection in writing against the valuation