Valuation powers enable official estimates of asset value used to compute tax bases for assessment purposes.

Assessing Officers may require a Valuation Officer to estimate the value of any asset, investment or expenditure; the Valuation Officer may enter and inspect premises, examine books and records, gather relevant information, and must issue a written estimate after considering the assessee's evidence and providing an opportunity to be heard. If the assessee does not cooperate, the Valuation Officer may estimate to the best of his judgment, must serve the estimate on the Assessing Officer and the assessee, and the Assessing Officer shall compute tax bases in conformity with that estimated value.

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