EFFECTS OF PROPERTY TAX ON SUSTAINABLE HOUSING DELIVERY IN NIGERIA
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EFFECTS OF PROPERTY TAX ON SUSTAINABLE HOUSING DELIVERY IN NIGERIA
Abstract
Increased demand for urban and rural infrastructures, along with declining revenue allocations in Nigeria, prompted the Lagos State Government to enact the Land Use Charge Law (2001) as a means of raising internally generated revenues through property tax. The Law, among other provisions, establishes a system for calculating the Charge due on properties in Lagos State.
The purpose of this report is to assess the law’s short- and long-term implications on housing delivery, which is one of Nigeria’s Vision 20:2020 themes. A process of inferences was used to examine the statute, as well as questionnaires distributed to Estate Surveyors and Valuers in the Lagos city.
The study discovered that the methodology is ineffective, and that high taxes and penalties may inhibit investment in new housing and the maintenance of current stock.
As a result, it advocated a revision of the law, as well as a suitable basis for fair and equitable taxation, in order to achieve the goal of Vision 20:2020.
Introduction
Conceptually, Nigeria’s economic potential is well recognised as the largest economy in the West African sub-region, with abundant natural resources pointing to strong growth. However, little of this promise appears to have been realised.
This is linked to unsustainable planning and visioning, economic stagnation, falling welfare, and social instability over the last three decades.
The primary goal of Vision 20:2020 is for Nigeria to become one of the world’s twenty greatest economies, capable of consolidating its leadership role in Africa and establishing itself as a prominent player in the global economic and political arena by 2020.
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