Worried
by the rate of unoccupied houses and high cost of rent in the Federal
Capital Territory (FCT), the Nigeria Institution of Estate Surveyors and
Valuers (NIESV) has advocated enactment of property tax law to address
the development.
The NIESV
President, Bolarinde Putunola-Ajayi, said this at the weekend while
speaking with journalists shortly after its council meeting in Abuja.
He said the
property tax if enacted would crash rent in Abuja and other cities as
well as forcing developers and house owners not to leave their property
unoccupied, noting that unoccupied property abound in the FCT due to
high rent demanded by owners.
"There should be a
private developer tax for houses that are not being utilized. If owners
of such property do not want to utilise them, they should either pay tax
on the rent they ought to have received if put on rent or pay tax that
is equivalent to what they should have paid if they have been collecting
rent because those who are collecting rent are paying tax," he said.
He explained that
to make it effective, NIESV was canvassing for the creation of Office of
Valuer General of the Federation where there would be an assemblage of
information of abandoned property and those left unused by their owners.
Ajayi noted that
rent is being dictated by the forces of demand and supply, advising
governments at all level to develop mass residential housing for their
staff, which he said would put less pressure and demand on the rented
property and in the process developers would have no choice than to
bring down the rent. On asset declaration, Ajayi advised that the list
of asset declaration of public officers should have the value certified
by members of NIESV who are the only one recognized by law to carry out
valuation attached to it.
"Once the asset
declaration list is ready, NIESV members should be asked to go and
verify and establish the true value of the property declared and by so
doing there would be no under and over declaration of asset," he said.
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