NAIROBI, KENYA: The government has moved to boost efficiency in land valuation to cope with increased transaction more at the county level.
Ministry of Land on Friday published the names of private valuers to carry out a valuation for stamp duty in an approach necessitated by the need to reduce the turnaround time for the return of valuation figures.
The ministry also hopes to boost government revenue and improve ease of doing business due to the wide reach of private valuers.
Previously the valuation to determine the value of land in Kenya for purposes of calculating Stamp Duty payable has been a preserve of the Chief Government Valuer.
Farida Karoney, Cabinet Secretary Ministry of Lands and Physical Planning noted that the intensive titling programme by the Government has seen a rise in dealings in land, especially in the Counties. This increase has put a strain on personnel in the office of the Chief Government Valuer, causing inordinate delays and loss of revenue in some cases.
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“The introduction of valuations by private valuers through the amendment of Section 10A of the Stamp Duty Act, Cap 480 provides an opportunity to enhance efficiency and thus remedy the unfavourable business environment in this section of the land transaction process,” she said.
“The introduction of private valuers affords citizens and particularly property owners the right of choice,” she added.
The modalities for the appointment of private valuers by the Chief Government Valuer were developed through robust consultations between the Treasury and National Planning, the Ministry of Lands, and key stakeholders in the sector. The outcome of which was the publication of the Stamp Duty (Valuation of Immovable Property) Regulations 2020 on August 5, 2020.
The Regulations spell out the procedure for appointing private valuers, service level agreements between the Ministry of Lands regarding professionalism, timeliness, and fees payable by transferees for valuation.