National valuation systems to be modernised

GINA, GUYANA, Tuesday, November 29, 2016

Government will be overhauling and modernising the national valuation systems in order to help the Local Democratic Organs (LDOs) improve the state of their finances.

The move by Government was announced by Minister of Finance, Winston Jordan, during his presentation of the 2017 Budget to the National Assembly on Monday.

Minister of Communities, Ronald Bulkan addressing the Mayors, Deputy Mayors and councillors of Rose Hall, Corriverton and New Amsterdam on the issue of property tax valuation, during an engagement at the Central Corentyne Chambers of Commerce building

Minister of Communities, Ronald Bulkan addressing the Mayors, Deputy Mayors and councillors of Rose Hall, Corriverton and New Amsterdam on the issue of property tax valuation, during an engagement at the Central Corentyne Chambers of Commerce building

During his address, the Minister noted that, the revenue base of the LDOs is “woefully insufficient to finance the effective management and administration of their respective areas.”

He further noted that, “the valuation regime and financial system within which the organs operate are grossly inadequate causing them to be heavily dependent on financial support from Central Government.” Such a situation effectively compromises their autonomy, he added, hence, government’s move to overhaul the valuation systems.

As recent as November 18, Minister of Communities, Ronald Bulkan had to address the issue of the valuation regime and financial system within which the local organs operate, whilst engaging the three municipalities (New Amsterdam, Rose Hall and Corriverton) of Berbice.

During that engagement, the local councillors had expressed concerns pertaining to their councils’ lack of funds to execute meaningful projects. They had laid much of the blame on the ancient measures still in use today, to value properties and businesses in the municipalities.

Minister Bulkan in response had hinted at the changes to be made. He had said that, the question of property valuations and revaluations have been talked about for far too long and too much, and it’s now time for. The Minister had advocated the composition of a dedicated taskforce, to fast track the instituting of a modern property assessment scheme, where the revenue base of local government organs can be addressed in a meaningful manner.

By Macalia Santos

 

 

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