Property Valuation Act Regulations in Place

Department of Rural Development and Land Reform

The Valuer-General is to set up and maintain a database of property and land market information that is reasonably required for valuation.

The Office of the Valuer-General published regulations under the Property Valuation Act in Government Gazette 42064.

The regulations also stipulate that the owner, agent of the owner, tenant or occupier of the subject property must provide an authorized valuer within 30 days with certain information including the purchase price, purchase date, nature of right transferred, internal rate of return and/or yield, purchase and acquisition costs, financial statements, capital and maintenance costs, dates of completion of building works and copies of building plans, details of any acquisition benefits and details of declarations of value of the subject property made to the South African Revenue Service.

The regulations also contain detail on the protection of information, requirements for valuation instructions and subject property inspections, criteria and/or procedures for valuation of property identified for purposes of land reform, procedures and guidelines for the determination of the value of the subject property, valuation reports, representations by owner or persons in charge of property and systems to monitor compliance with the act.

Criteria and/or procedures for valuation of property identified for purposes of land reform include current use value, historical value, market value, direct state investment and subsidies and purpose of acquisition.

The regulations were published for comment in April 2017.

They came into force on the date of publication.

Sabinet Cape Town Office

Related legislation: