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What the difference between statutory and non statutory valuation?
Wiki User
∙ 11y ago
Statutory valuation = this is a product of an act of law, I.e when a statute is specify the method that should be adopted in determining the value required for instance the land use decree in section 29 specify the method to be adopted in carrying out valuation for compensation so also in carrying out valuation for taxation. The various statutes concern, specify or indicate the method to be used. While non-statutory or natural valuation = are those arriving from a natural event. Which ever case, the valuer is also concern with the market value of the property. These includes valuation for sales, purchase, rentals mortgage etc.
Wiki User
∙ 11y ago
Samuel Daka
Statutory valuations are guided by law, unlike non-statutory valuations that invoke or are implied by law.
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