by The process of establishing a property’s market worth in JamaicaJamaica, with its vibrant culture and stunning landscapes, has a unique position in the global real estate market. The i... is known as propertyProperty encompasses a wide range of tangible assets that individuals or entities can own, utilize, or invest in, includ... valuationValuation involves assessing the worth of a property based on various factors such as its location, condition, size, and..., and it is carried out by certified appraisers. Analyzing variables including location, size, condition, and recent sales of similar homes are part of this process. It is essential for transactions, loan approvalLoan approval is a critical process in both Jamaica and international real estate, where a financial institution evaluat..., and real estateReal estate refers to property consisting of land and the structures on it, such as buildings and homes. It also include... taxation. The assessment Act, which was introduced in 1970, marked the formalization of property assessment in Jamaica throughout the 20th century. In order to ensure accurate and trustworthy property evaluations, this legislation established the Jamaica Institute of Valuers and set requirements for professional appraisers.
