Tenement rate: Property owners cooperate for valuation
Property owners and occupiers are cooperating with Estate Valuers for the assessment of their property for tenement rate determination, says Adamu Kasimu Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV) FCT Chapter. Kasimu stated this in an interview with Daily Trust. He said, “From the assessment and I can confirm to you that the […]
Property owners and occupiers are cooperating with Estate Valuers for the assessment of their property for tenement rate determination, says Adamu Kasimu Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV) FCT Chapter.
Kasimu stated this in an interview with Daily Trust.
He said, “From the assessment and I can confirm to you that the acceptance was encouraging, people were willing to submit their properties for assessment, some felt they were initially overcharged so after the valuation the valuation figures were displayed, and some people lodged grievances and their complaints were attended to by AMAC so I can say people have been equitably assessed.”
He said the FCT Administration (FCTA) could generate N17bn annually through ground rent collection.
The estate valuer added that if FCTA could generate the amount yearly, it may not need to wait for allocation from federal government to develop infrastructure.
Kasimu said the FCTA was losing a lot of revenue from non-collection of ground rent, adding that residents only pay ground rent in Abuja when they have issues to solve in AGIS.
He said, “Assuming that only 15% of the total FCT land area is titled, at the current ground rent of N16 per square meter, it means the FCTA is losing something in between N17-18 billion every year as a result of non-collection of rents that may be due to it.”
On who is liable for tenement rate payment, he said, “The law states that it is an occupier’s liability so if it is the landlord that is residing in his property the rate is on him or her, if it is a tenant then the rate is on that tenant,” adding “Rating is applicable to properties that are beneficially occupied but government owned properties, religious properties, diplomatic institutions etc. are exempted, and the minister may by order exempt any property e.g. properties occupied by past presidents.”