Property Valuation for the Public Interest Act.

Tha Act establishes the Property Valuation for the Public Interest Committee and the Property Valuation for the Public Interest Provincial Committee to perform the duties of property valuation and to prepare property valuation schedules as the referencing criteria or bases for the collection of real property transfer taxes under the provisions of law or for other benefits of the state agencies.
The valuation of properties shall be based on the following principles: (1) The method of property valuation must be appropriate for the type and characteristic of each property. (2) The determination of property value must comply with the basic principles of property valuation and the economic principles. (3) The property valuation process must be well-defined and transparent.