Property tax can help states improve IGR
Former Chairman, Nigeria Institution of Estate Surveyors & Valuer, Lagos State chapter, Dotun Bamigbola has added his voice to the call that states can shore up their lnternally Generated Revenue ( IGR). In an interview with The Nation, he advised that any state venturing into it must sit down and plan the modalities as there are many diverse channels to achieve this. He said:’’ From the title registration to annual property taxes, which includes the tenement rates in some places to other forms of property taxes. These taxes have to be defined and professionals in the real estate sector, such as estate surveyors and valuers who are the land economists, can assist the government to identify them based on the peculiarities of each state”.
He said the surveyors who can be engaged in the exercise must be engaged in the civil service system to operate it, and as consultants.
“A good example is what is happening in Lagos and Ogun states. Real estate related IGR, particularly from Lands Bureau, is the second highest revenue source in Lagos for instance.