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Doom For Speculators As Govt Seeks To Introduce Land Value Index

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The Kenyan government will soon be introducing a value index in a move that aims at making a land market in the country transparent, as well as cut wasteful project spending as a result of speculative activities by landowners and brokers that usually drives up costs of land.

Plans to introduce the land value index have been revealed by the World  Bank.

Business Daily reports that the index will also boost local revenue collection by counties from the land property.

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Currently, there is no standardized land value information - a loophole that cartels have been exploiting entrench fraud and exploitation in property prices.

The government is now expected to table before Parliament a proposed legislation related to land valuation and compensation that will give a green light to implementation of the land value index once approved.

Treasury Cabinet Secretary Ukur Yatani says the regulations will include updated rules on land valuation Acts to ensure alignment with the Land Value Amendment Act 2019 and revisions to the Rating Act and Rating for Valuation Act to align them with devolution.

The roll-out of the land value index is part of conditions of a Sh80.9billion loan from the World Bank to help Kenya recover from Covid-19 economic hardships and support the budget.

“The development of a valuation index which is reviewed regularly will inform the valid market price when the government acquires land for its development projects. It will also mitigate the risk that local communities are exploited, as it allows communities to know the value of their properties, a strongly pro-poor measure” the World Bank said.

The Land Valuation Amendment Act 2019 provides for the development of a land value index for all 47 counties.

However, the lack of updated, relevant regulations despite the passing of the Act is impeding the roll-out of the land value index across counties.

To date, land value indices have been completed in only six of 47 counties, none of which have yet received MPs’ approval. Further, the Rating Act and Rating Valuation Act, which provides the legal basis for counties to determine ratings for land valuation, is outdated.

“Together, these gaps contribute to significant forgone own-source revenues that local governments could generate from property taxation” the World Bank.

Kenya has been trying to tackle the problem of inflated land prices when acquiring private property for state projects which have made them expensive to undertake.

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