Fair market value determinations by Valuation Officers underpin acquisition and compensation adjustments in immovable property tax proceedings. The competent authority may require a Valuation Officer to determine or estimate the fair market value of immovable property for acquisition proceedings ... Summary
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Fair market value determinations by Valuation Officers underpin acquisition and compensation adjustments in immovable property tax proceedings.
The competent authority may require a Valuation Officer to determine or estimate the fair market value of immovable property for acquisition proceedings or compensation adjustments; the Valuation Officer has the powers under section 38A of the Wealth-tax Act, and the Appellate Tribunal must allow a nominated Valuation Officer an opportunity to be heard where fair market value is disputed on appeal.
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