The provisions of the Valuation Rules are applicable only when,
• (i) consideration not in money terms which is either wholly or partly;
• (ii) parties are relevant or supply by any stated category of supplier; and
• (iii) transaction value is not reliable to be declared.

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.