Government will implement a land classification system to revise and update rental values for land, Minister of State Joseph Harmon has said.
“…we intend to develop and implement a classification methodology for revision of rental rates based on assessments of the market value of land,” Harmon said when he appeared before the Parliamentary Sectoral Committee on Natural Resources at the Public Buildings yesterday.
“Currently, there is a big cry for lands for various purposes, for domestic as well as industrial and agricultural purposes but the true value of the land has to be properly ascertained,” he pointed out while adding that the last valuation was done a number of years ago. He said the price paid for one acre of State land to the Guyana Lands and Surveys Commission (GLSC) is low.