Valuation involves the determination of the value of an interest in property for a particular purpose at a particular time. It is necessary to carry out periodic revaluation of assets/properties due to sporadic increase in prices occasioned by the unstable exchange rate.
This is not limited to only landed properties but may include other fixed assets such as plants and machinery, other chattels and indeed floating assets. Valuation includes accumulation of data relevant to a particular type of property or asset and the nature of value to be determined.