LVM 204 – Statutory Valuation

Course Title: Statutory Valuation

Prerequisites: None

Number of Units: 3

Course Description: Concepts, nature, practice, and processes of land valuation as implemented by the government

Course Objectives:

By the end of the course, the students should be able to:
● Discuss the concept of property taxation within the national and international context, including the underpinning legislation;
● Describe and apply the main valuation and assessment methods used in government valuation;
● Discuss the areas of valuation related to the national and local taxation on property transfer taxes;
● Demonstrate a working knowledge of compulsory acquisition and disposition including the basic legislative rules underpinning the valuation process; and
● Discuss the ethical standards governing valuers, real estate practitioners and assessors.

Course Outline:

Module 1. Concepts of Real Property Taxation
Module 2. Real Property Taxation Assessment Methods
Module 3. Mass Appraisal
Module 4. Property Inspection, Data Collection Analysis
Module 5. Depreciation
Module 6. Objections and Appeals Process
Module 7. Exemptions and Reliefs
Module 8. National and Local Taxation on Property Transfers
Module 9. Compulsory Acquisition and Disposition
Module 10. Rules of Compensation
Module 11. Market Value Basis of Valuation
Module 12. Code of Ethics

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