The Accra Metropolitan Assembly (AMA) has signed a Memorandum Of Understanding (MOU) with Land Valuation Division of the Lands Commission to value anew the property rate fees in the Accra Metropolis.
Act 936 of 2016 mandates the Accra Metropolitan Assembly to mobilize resources for its development and to achieve this, the Assembly collects revenue to enable it to provide municipal services to the city dwellers.
The Chief Executive Officer of Accra Metropolitan Assembly, Hon. Mohammed Adjei Sowah at a press briefing indicated that property rate fee is one of the major internal revenue sources for the Assembly but alas, for 11 years now, the AMA has not been able to revalue its properties.
According to him, the Assembly for the past ten years has been using supplementary rates of 2006 to revalue its properties and this implies that AMA has been losing substantial revenue from property rates.
Mr Adjei Sowah commented that the revaluation of properties within the metropolis is imminent due to the fact that for the last ten years and over there has been a big change of physical development from single to two storey to multi-storey offices and condominiums.
He added that the revaluation exercise to be done has been approved by the Ministry of Local Government and Rural Development and will be funded by the Assembly’s Internally Generated Fund (IGF).
The Acting Director of Land Valuation Division of Lands Commission, Mr. Kwabena Asiedu Gyan said the revaluation is prudent to also help the Assembly benefit substantially in terms of increase in internally generated funds and establishing a comprehensive spatial data-base for the Assembly.
He appealed to owners of properties to modestly cooperate with the team to embark on the Land Valuation and Property Rating exercise by providing them with the requisite documents and particulars.
