Government Working On New Policy For Valuating Property Rates - Jinapor
The Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, has disclosed that the government is in the process of rolling out a new policy on property rates so that appropriate rates would be charged on every structure. Mr. Jinapor said the process required multi-sectoral efforts and that his Ministry would collaborate
with the Ministry of Local Government and Rural Development to promulgate a legislative instrument that would also ensure that land is considered a vital ingredient in evaluating the value of any property in the country. The Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, explained that the legislative
instrument and policy on property rates will ensure equity in property valuation. The Minister said the non-inclusion of land in the valuation of structures or buildings is unfair and cannot be allowed to continue. You value the property based on the structure and not the value of the land. So the value of the land is also
completely discounted, and it doesn’t get into the valuation, and the government thinks that is also very inequitable and very unfair. So I am in the process of triggering the mandate of the Minister for Local Government and Regional Reorganisation to have the legal mandate to promulgate a Legislative Instrument which will get lands as a factor of valuation.
What is the Property rate?
Property tax in Ghana is known as property rate. It is administered by the Metropolitan, Municipal or District Assemblies. A property rate is the amount of money in cedis Metropolitan or Municipal Assemblies charges on your property each year. It is the product of the value of your property and a rate impost.