Revaluation of Properties ‘on track’ for Implementation of New List in January 2009
Friday, January 18, 2008, St. George’s: The Cadastral Survey/revaluation of properties currently being conducted by the Valuation Unit of the Ministry of Finance is on track for the preparation of a new valuation list of properties to come into effect in January 2009.
Having completed their assessments in the parishes of St. John, St. Mark and St. Patrick, the survey team is currently in the parish of St. Andrew. So far the following areas in St. Andrew’s have been completed: Tivoli, Upper St. John, Carriere, Hermon, Gut, Blaize, La Poterie, Conference, Mt. Horne, La Fillette, Sab, Byelands, Mirabeau, and Balthazar. The team is now assessing the areas of De Blandeau, La Digue, Soubise, Union, and Tuilleries. The team hopes to complete the parish of St. Andrew by the end of February 2008 after which they would be moving to the parish of St. David.
As of December 2007, 1519 buildings have already been entered into the system with 306 new buildings recorded.
The analysis conducted so far shows a strengthening of the housing sector and an increase in total buildings in the districts. Based on the findings, an average of 8 -12% new buildings have been collected in the districts completed. Buildings omitted and not entered on the last Valuation List have been valued and property owners have been notified about the current values and taxes outstanding.
The survey is being conducted in adherence to the required standard for the computerization of the data collected in the field and includes:
- Interviewing property owners and agents
- Completing questionnaire produced
- Batching questionnaires by Cadastral maps
- Reviewing of field sheets and map by supervisor
- Preparation of Valuation maps by the drafting unit and field teams
- Batching of questionnaires by districts for data entry
- Entering of data into system
The last official valuation on buildings was in 1994. This means that building values have remained constant for the last 18 years, and do not reflect current market prices. Similarly, the last official value on lands was conducted in 2001. This current assessment is expected to ascertain the changes that have taken place over the period and determine an updated and accurate value of all properties in the State of Grenada.
Ministry of Finance
(473)440-2731/435-0057
