Property Valuation Act, 2014 (Act No. 17 of 2014)

Chapter 1 : Interpretation, Objects and Application

1. Definitions

Purchase

In this Act, unless the context indicates otherwise—

"authorised valuer"

means a registered valuer who has been authorised by the Valuer-General in terms of section 11, to conduct valuations;

"Chief Operating Officer"

means the individual appointed as Chief Operating Officer in terms of section 10;

"Constitution"

means the Constitution of the Republic of South Africa, 1996;

"department"

has the meaning assigned to it in section 1 of the Public Finance Management Act;

"land reform"

means land redistribution, land restitution, land development and tenure reform;

"market value"

means the estimated amount for which the property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion: Provided that in determining market value for purposes of section 12(1)(a), prices paid by the State for any acquisition of property must be excluded: Provided further that in the event that no other credible data is available, prices paid by the State for any acquisition of property may be considered;

"Minister"

means the Minister responsible for rural development and land reform;

"Office of the Valuer-General"

means the Office of the Valuer-General established by section 4;

"prescribe"

means prescribed by regulations in terms of section 20;

"property"

means—

(a)	immovable property registered in the name of a person;

(b)	any movable property which is contemplated to be acquired together with the relevant immovable property; and

(c)	a right in or to such property, including an unregistered right recognised and protected by law;

"Property Valuers Profession Act"

means the Property Valuers Profession Act, 2000 (Act No. 47 of 2000);

"Public Finance Management Act"

means the Public Finance Management Act, 1999 (Act No. 1 of 1999);

"Public Service Act"

means the Public Service Act, 1994 (Proclamation No. 103 of 1994);

"registered valuer"

means a person registered in terms of the Property Valuers Profession Act as a Professional Valuer, Professional Associated Valuer or a specified category as a Public Sector Professional Associated Valuer;

"valuation"

means the—

(a)	process of estimating the value for a specific purpose of a particular interest in property at a particular moment in time; and

(b)	outcome or result of the process referred to in this paragraph (a);

"value"

for purposes of section 12(1)(a), means the value of property identified for purposes of land reform, which must reflect an equitable balance between the public interest and the interests of those affected by the acquisition, having regard to all the relevant circumstances, including the—

(a)	current use of the property;

(b)	history of the acquisition and the use of the property;

(c)	market value of the property;

(d)	extent of direct state investment and subsidy in the acquisition and beneficial capital improvement of the property; and

(e)	purpose of the acquisition; and

"Valuer-General"

means the individual appointed as Valuer-General in terms of section 8 or acting as such.