What the difference between statutory and non statutory valuation?

Answer 1

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.

Answer 2

Oh, dude, like, statutory valuation is basically when the government sets the value of something, usually for tax purposes or legal requirements. Non-statutory valuation is when it's just like, whatever man, people or companies determine the value themselves without any official rules or regulations. So, one's all official and the other's just like, do whatever you want, man.

Answer 3

Well, when we talk about statutory valuation, we're looking at valuations that are required by law or regulations. On the other hand, non-statutory valuation is more flexible and not bound by specific legal requirements. Remember, both types of valuations are important in their own ways, and each serves a unique purpose in helping us understand the value of things around us.

Answer 4

Statutory valuation refers to the valuation of assets or properties based on specific laws or regulations set by the government or relevant authorities. Non-statutory valuation, on the other hand, is a valuation that is not mandated by any specific laws or regulations. It is typically based on industry standards, market trends, and professional judgment. In essence, statutory valuation is legally required, while non-statutory valuation is more flexible and relies on professional expertise.

Answer 5

Statutory valuations are guided by law, unlike non-statutory valuations that invoke or are implied by law.