Assessment of fees

(1) Where a fee is calculated ad valorem, the value of the land concerned shall be deemed to be the amount that such land would have realised if sold in the open market by a willing seller at the time when the application for registration is made and such value shall be declared by the person applying for registration. (2) If the Registrar is not satisfied that the value of the land has been correctly declared, he may make such enquiries as he may think fit and may himself assess its value.