Support to Creation and Development of the Sequestrated Property Valuation Division of the National Bureau of Enforcement

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Status: Completed

Full Activity Title: Consulting Services to the Sequestered Property Valuation Division of the National Bureau of Enforcement for the Creation and Development of Property Valuation Services; Training of the Employees of the Bureau in Movable Property Valuation

Location: Tbilisi, Georgia

Activity Dates: August – September, 2010

Source of Funding: National Bureau of Enforcement

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Project Abstract:

As a result of rapid economic growth and creation of favorable business environment in the country, as well as of development of financial institutions, building and developer companies, demand for high quality valuation services for both immovable and movable properties increased.

As of today a number of state agencies are interested in providing high professional valuation services. Tax and customs agencies, Ministry of Economy and Sustainable Development, National Agency of Public Registry, National Forensics Bureau, National Bureau of Enforcement, local municipalities etc. are among those organizations, day-to-day activities of which include appraising of immovable or movable properties for various purposes.

Within the Structure of National Bureau of Enforcement, Legal Entity of Public Law under the governance of the Ministry of Justice of Georgia, Sequestrated Property Valuation Division has been created. One of the key functions of this Division is impartial valuation and market value estimation of a sequestrated property.

For the development of sequestrated property valuation services, National Bureau of Enforcement contracted Association for Protection of Landowners’ Rights, one of the key actors on real property markets, to ensure required assistance.

Within the scope of the contract APLR consultants work to elaborate  Regulations for Sequestered Property Valuation Division, develop forms for valuation reports according to property categories, including for movable and immovable properties, businesses and intangible properties; participate in property valuation both in Tbilisi and Georgian regions; ensure coordination and monitoring of valuation processes carried out by the employees of the Bureau.

APLR also provides special trainings for the employees of the Division. Training program deals with the basics of movable property valuation; classification and collection of initial data, calculation of depreciation, valuation methods, specifics of movable property valuation, and preparation of final reports.

Project implementation facilitates capacity building within the Sequestered Property Valuation Division and supports advancement of international valuation standards in Georgia.