This Act provides with respect to the process in which the value of an interest in real property is assessed by a valuer. It also requires a Chief Valuer to be appointed within the Ministry responsible for lands and provides for the registration of valuers. The Chief Valuer is appointed by the President and shall be responsible for advising the Government on all matters relating to valuation practice and activities and be head of the Valuation Department within the Ministry. The Act also provides for the appointment of government valuers and the establishment of a Valuers Registration Board. Every registered valuer or person practising valuation shall comply with guidance on valuation practice set out under this Act and Regulations made under this Act. The carrying out of valuation shall be for the specified purposes including, among other things: (a) rating; (b) compensation; (c) land rent assessment; (d) probate and administration; (e) capital gains tax; (f) sale or purchase; (g) mortgage; (h) rental value assessment.
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