The Division strives to be a conscientious professional unit, equipped with a wide range of skills and knowledge on all aspects of real property, ready and able to render support to the State in formulating and executing land and land tax policy geared to the efficient and effective management of the country’s land resources and the State’s real estate holdings.
To provide Government and its Agencies with Valuation and Land Economy advice and technical expertise of the highest professional standard to enable fair, consistent and competent decision making in respect of property transactions, property taxation and land management.
About the Valuation Division
The Valuation Division was created by an Act of Parliament, “The Valuation of Land Act” Chapter 58:03 of 1969 to inter alia create the functionary of the Commissioner of Valuations who was to be responsible for making valuations of every parcel of land in Trinidad and Tobago (including buildings, plant and machinery) for all purposes required by Government, subject to Presidential exemption from such valuations.
The Valuation of Land Act was amended by Act No. 17 of 2009 to empower the Commissioner of Valuations to value properties based on an annual rental value system and validated the actions of the Commissioner in the use of the annual rental value system from 1970 to 2009. Prior to the 2009 amendment, the Commissioner was only empowered to conduct valuations based on a site valuation system.
Valuation Surveying is a unique profession that falls under the umbrella of the Built Environment. Locally, the Institute of Surveyors of Trinidad and Tobago represents the three major categories of Surveyors within the Built Environment – Land Surveyors, Quantity Surveyors and Valuation Surveyors. Currently, all members of the Professional Staff employed at the Valuation Division are members of the Institute of Surveyors of Trinidad and Tobago. The Valuation Division adheres to the international guidelines and procedures as set by the Royal Institution of Chartered Surveyors, as well as the local guidelines prescribed by the Institute of Surveyors of Trinidad and Tobago.
The Commissioner of Valuations
The Commissioner of Valuations is responsible for the overall management and supervisory functions of the Valuation Division. He is required to develop strategic plans, formulate, implement and monitor policy with respect to the valuation of lands and properties in Trinidad and Tobago.
His duties involve the administration of the Valuation of Land Act, the production of a roll of values of all real estate and buildings in the Country and the revision of this roll of values triennially. Work is performed under the general direction of the responsible Minister, through the Permanent Secretary in accordance with established laws, standards and policies. The Commissioner is expected to exercise considerable judgment and initiative in the planning and guidance of the work of the Division.
The scope of responsibilities of the Commissioner of Valuations includes but is not limited to advising government and quasi-government agencies on the Valuation of all classes of property (residential, commercial, industrial and agricultural) for compulsory purchase, private treaty purchase, rental purposes, property taxation, stamp duty matters, asset valuations, state land leases, estate duty matters, and negotiates values on behalf of Government and its Agencies.
The Commissioner also briefs counsel, writes proofs of evidence, gives expert evidence in all Court matters arising out of these valuations and serves on several committees dealing with matters related to valuation, property taxation, estate management, land reclamation, state land management, local government reform and land use etc.
The Commissioner of Valuations provides impartial advice to the Government and policy-makers, as well as the public – the end user and major stake holder of our Real Estate resource. He is required to liaise with several stakeholders in the performance of his duties, some of whom are listed in the following table:
|Permanent Secretary, Ministry of Finance and the Economy||For policy formulation within the Ministry.|
|Chairman Board of Inland Revenue||To provide valuation advice re: stamp duty matters e.g. Deeds of Gifts, Deeds of Conveyance & Estate Duty matters|
|Warden/ (District Revenue Officer)||To provide valuation advice re: land and building taxes as requested.|
|Director of Surveys||To verify surveys & survey information.|
|Commissioner of State Lands||To provide valuation and estate management advice for the leasing of State Lands.
Negotiate and settle compensation for compulsory land acquisition matters.
|Director Town and Country Planning||To be informed of land use designation – as required.|
|Director, Property and Real Estate Division||To provide valuation advice for the rental of property tenanted by the State and for the acquisition of private lands by Private Treaty.|
|Chief State Solicitor/Attorney General||To request legal advice.|
|Chaguaramas Development Authority (CDA)||To provide valuation and estate management advice for the lease of State property.|
|Regional Health Authority (RHA)||To provide and settle Lease Rents for the lease of State property.|
|Tobago House of Assembly (THA)||To provide valuation and estate management advice for the lease of State Lands.
Negotiate and settle Lease Rent for the lease of State property.
Negotiate and settle compensation for land acquisition matters.
|Municipal Corporations||To hear and determine objections to house rates as requested.|
|Water and Sewerage Authority (W.A.S.A.)||To acquire land negotiation and settle compensation on behalf of WASA – as required.|
|Members of the Public||To provide general valuation information.|
Popular Valuation Terminology
Market Value –
“The estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion.”
Source: 8th Edition of the Royal Institution of Chartered Surveyors Valuation Professional Standards
Academic Qualifications for Valuation Professionals
Valuation and Estate Management
Investment and Financial Analysis
Urban and Rural property Appraisal
Legal and Business Studies
Quantity and Land Surveying
Project planning and management
Alternative Dispute Resolution
Research methods and Applied research
Valuation Division Regions and Contact Information
|Region||Area||Office Address||Telephone||Facsimile||Email Address|
|1||Port of Spain||109 Henry Street, Port-of-Spainemail@example.com|
|2||Tunapuna||25-27 Eastern Main Road, Aroucafirstname.lastname@example.org|
|3||Arima||25-27 Eastern Main Road, Aroucaemail@example.com|
|4||Sangre Grande||Corner Brierley and Henderson Streets, Sangre Grandefirstname.lastname@example.org|
|5||Chaguanas||206 Caroni Savannah Road, Charlieville, Chaguanasemail@example.com|
|6||Rio Claro||29-31 Point-a-Pierre Road, Palms Club Building, San Fernandofirstname.lastname@example.org|
|7||San Fernando||29-31 Point-a-Pierre Road, Palms Club Building, San Fernandoemail@example.com|
|8||Point Fortin||Techier Road, Point Fortinfirstname.lastname@example.org|
|8||Siparia||Siparia Administrative Complex, High Street, Sipariaemail@example.com|
|9||Tobago||Caroline Building, No.2 Hamilton Street, Scarborough, Tobagofirstname.lastname@example.org|
For Further information please contact:
Ministry of Finance
109 Henry Street
Port of Spain