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Obtaining a property valuation

Posted by admin on May 11, 2021
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Where a property has not yet been sold, nor a price agreed on, the Valuation Division is the
entity in Guyana with the legal authority tasked with conducting the requisite valuation to
complete the sale or purchase transaction.


Personnel attached to the division will make a site-visit for the purposes of carrying out an
inspection. Thereafter, a certificate containing the details of the value of the property will be issued.
It is from this inspection process that the Valuation Office would provide a figure of how much
the property is worth/valued.


Noteworthy is the fact that the value of a property would be affected by any depreciating factor
which can result in a drop in value and; likewise, where there have been upgrades, the value of
the property is likely to increase.


The cost for having a valuation done varies and is determined by a number of factors, including,
but not limited to; the purpose for which the valuation is being sought, and the location of the
property.
The Valuation Division is a department of the Ministry of Finance. It is located at 237 Camp
Street, South Cummingsburg, Georgetown. It can be reached via telephone numbers:
226-1905 (Chief Valuation Officer) or 2261363 (Deputy Chief Valuation
Officer).


Created in 1959 by an Act of Parliament Chapter 28:04, the Division has as its mandate,
according to a publication from the Finance Ministry, “to make provision for the valuation of
property for rating purposes and for matters connected therewith.”


The publication on the Ministry’s website further outlines that the Valuation Division exists to:
carry out equitable valuation for rating purposes throughout Guyana and to provide rental &
capital valuations for other Government and quasi-Government departments.
It is also tasked with ensuring that rating valuations are conducted in accordance with the
Regulations framework, which includes carrying out five-yearly assessments and maintaining the
Valuation List.

Finally, the Valuation Division notifies rate payers of new valuations through the issuance of
proposals.

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