EVALUATION OF PROPERTY RATING PRACTICE IN NIGERIA

EVALUATION OF PROPERTY RATING PRACTICE IN NIGERIA

ABSTRACT

In writing this thesis, I have been afforded an opportunity to put in writing my views about AN EVALUATION OF PROPERTY RATING PRACTICE IN NIGERIA (A CASE STUDY OF ENUGU NORTH LOCAL GOVERNMENT AREA) of Enugu State. This thesis has been planned in such a logistic and sequential pattern to give the reader a general clue of property rating practice and how it operates Enugu North local government area particularly.
Chapter One: This captioned the Introduction. The particular chapter gives the overview of the whole paper ie. What the reader is expected to arrive at after reading the entire essay.
Chapter Two: This dealt with a review of related literature in property Rating; Tenement Rating Assessment; method of rating valuation; Appeal machinery and their procedures.
Chapter Three: Examined the Research methodology and design. Also presentation and analysis of data used in this research work.
Chapter four: Focus on the history of the case study and problems and constraints of property rating in the case study area.
Chapter Five: Finally chapter five presents the findings, recommendations and conclusions. The researchers perspective from findings, The recommendation is for future prospects of property Rating in Enugu North Local Government Area of Enugu State in particular and conclusion is for the entire paper.

CHAPTER ONE

INTRODUCTION
The creation of more state in Nigeria in 1976 gave rise to new urban centres, the rapid growth of which increased the need to finance the provision of public utilities. One of the major sources of finance is real estate taxation. Property tax reform is one of the alternatives proposed as a means for raising increased revenue to meet the financial needs of cities in less developed countries. Property rating is employed in Nigeria at the local government levels to raise revenues for public purposes. Rates are levied not on the nation as a whole but on a particular locality that is deemed ripe for the imposition of rates and with the consent of parliament. This consent is not given on every occasion of rate collection. The power is general one, given by statute without restriction and for all times.
The general lack of interest on the part of the property ratepayers and the reluctance of some assessment jurisdictions to disclose information, the property rate administration is often surrounded in mystery. This centres on the fact that the core of property tax (rate) administration is the value of each taxpayer’s property, so that each taxpayer will bear fairly his proportional part of the overall tax levy. Property owners have a right to know the approximate, fraction of estimated market value that is being used for tax (rating) assessment purposes.

EVALUATION OF PROPERTY RATING PRACTICE IN NIGERIA