Property valuation

The process of establishing a property’s market worth in Jamaica is known as property valuation, and it is carried out by certified appraisers. Analyzing variables including location, size, condition, and recent sales of similar homes are part of this process. It is essential for transactions, loan approval, and real estate taxation. The assessment Act, which was introduced in 1970, marked the formalization of property assessment in Jamaica throughout the 20th century. In order to ensure accurate and trustworthy property evaluations, this legislation established the Jamaica Institute of Valuers and set requirements for professional appraisers.