ABSTRACT
This project aims to discuss property rates as a source of revenue for local governments. It is headquartered on Imo state’s Oru-West Local Government. Property rating, often known as tenement rating, is a tax imposed on owners of rateable properties. The history of property grading in Nigerian local government is traced in this study. It explains the meaning of a few key terms. Property rating’s goals in Nigerian local government cannot be overstated. According to the tasks and works entrusted to them by the local government, they engage in tenement rating in order to obtain the following: To enhance local government revenue, to help the needy with essential services, and to encourage building owners to develop
CHAPTER ONE
INTRODUCTION
Property rating, also known as tenement rating, is a rate or tax imposed on the owners or occupiers of rateable properties or tenements. It is a tax or charge imposed on properties that are not owned by the government or the public. Rates from the local government’s principal source of revenue. The term tenement rating was not coined until 1601 when the United Kingdom introduced the poor relief fund. Gradually, property rating gained traction in countries around the world, particularly in Nigeria, where it is now a major source of revenue for local governments, not only for development but also for maintenance (e.g., Oru – West local government).
The goal of introducing property ratings is to allow local governments to generate appropriate money that may be utilized to provide all of the necessary services, such as piped water, power, access roads, and good streets, for the consumption of both rich and poor people.
With rate taxation, on the other hand, the amount of money needed is quickly determined, and the overall burden is then allocated among the tax payers or rate payers. The tax amount is determined by dividing the amount to be raised by the total rateable value. The rateable value of land and buildings is used to calculate the property rate.
According to records, a little sum of money was realized via tenement sales in Oru-West local government Imo stae.
RESEARCH METHODOLOGY
Records relevant to property rating in the local government secretariat, journals, oral interviews, lectures offered on property rating in the department of Estate management, discussions/interviews, text-books, and project work were used to gather information.
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