Oni, A. O.
(2010)
The Lagos State Land Use Charge Law (2001) and Vision 20:2020 Housing Theme.
In: 40th National Conference of The Nigerian Institution of Estate Surveyors and Valuers, 26th April to 1st May, 2010, Expo Centre, Eko Hotel, Victoria Island, Lagos.
(Unpublished)
Abstract
Increasing demand for provision of urban and rural infrastructures with dwindling federal revenue allocations have influenced the Lagos State Government to promulgate Land Use Charge Law (2001) to increase internally-generated revenues through property tax. The Law provides the formula for assessing the Charge payable on properties in Lagos State, amongst other provisions. This paper reviewed the law and determines its short- and long- term effects on housing which is one of the thematic areas of Vision 2020. In attaining this, process of inferences was adopted to evaluate the law in addition to questionnaires administered on selected Estate Surveyors and Valuers practicing within Lagos metropolis. The paper found that the statutory formula to determine the amount of Charge payable is inappropriate and that high Charge and penalties may discourage investment in new housing and maintenance of existing stock. It therefore recommended its review to allow appropriate basis of fair and equitable tax to encourage the investors and owners such that the goal of Vision 20:2020 Housing Thematic Area becomes realizable.
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