Tenancy Laws, Multiple Taxation And Residential HOUSE RENTS

Tenancy Laws, Multiple Taxation And Residential House Rents

Chapter One

Preface

Background To The Study

Lagos State can be described as the Nigeria’s marketable capital, is the country’s most active and most precious rental request where tenants at its intellectualist areas pay extravagantly for domestic apartment while analogous apartments in the low- medial income areas go for quantum. piecemeal from high demand and low force, there are other factors responsible for this high rent and, according to Akinlade( 2014), the Lagos Tenancy Law and multiple taxation are driving up house rents in Lagos. Feting that Lagos is home to over 21 million people, with casing posing a major challenge to the huge population, the state government in August 2011 legislated the Tenancy Law which prescribes one time rent for a new tenant and six months for a sitting tenant.

Akinlade( 2014) explained that the single time rent payment law has discouraged investment in homes for rent and has pushed rent to new position, adding that, presently, landlords collect two times ’ rent for one time in numerous locales inLagos.He explained further that inventors, through multiple taxation, were made to pay for land, planning and blessing, terrain, council andtaxes.Access to land through government allocation is a battlefield for plutocrat bags in Lagos. Planning blessing takes ever, yet the government says it’ll take one to two months.

The Federal Government’s casing programs has not contributed enough for inventors in that access to credit from banks was near- insolvable for inventors and inventors that are lucky to admit loan offers must find over 150 percent security for the bank to hold; 25 percent interest rate on bank loans which is a killer for any inventor’s business plan( Collins, 2003).

Other reasons for the high rent to include trade of Federal Government’s land in Lagos, high exchange rate to import structure material, largely priced original structure material, high energy costs showing itself through transportation costs and creators, highlabour costs, and shy design to maximize land space.

Lagos has seen 30 times of mass casing gap, because since after Lateef Jakande governed Lagos from 1979 to 1983, there has been no mass casing forrent.Jakande was the last governor of the state that successfully enforced and delivered mass casing programs for rent. For 30 times, consecutive governments ignored this need of Lagos residers. Jakande also commissioned a report on homes deficit in Nigeria, as at 2010, estimated at 16 million and projected to reach 20 million by 2020.

According to Affe( 2008), it’s fair to the citizens that government discharge its liabilities to the people and give meaningful life to the citizens. This underscores the point why Land Use Charge was introduced by Lagos State Government to raise profit for maintaining being structure and give new bones . It’s in line with this that the experimenter is examining the effect of residency law and multiple taxation of domestic house rent in Lagos State.

Statement Of The Problem

Lagos State is steadily arising amulti-nuclei megalopolis giving rise to a number of real estate submarkets. Notwithstanding, domestic house rent has been abnormally high especially in thenormally arbitrated as further juicy in some neighborhoods similar as Ikoyi, Victoria Island, Lekki- axis, Ikeja, Apapa, IsaleEko and AmuwoOdofin. still, experimenters are of the opinion that the soared domestic house rent in Lagos State is occasioned by several factors including the residency law introduced by the Lagos State government and multiple taxation. This study is examining the effect of residency law and multiple taxation on domestic house rent in Lagos State.

Objects Of The Study

The following are the objects of this study

To examine the effect of residency law on domestic house rent in Lagos State.

To examine the effect of multiple taxation on domestic house rent in Lagos State.

To identify other factors that determines domestic house rent in Lagos State.

exploration QUESTIONS

What are the goods of residency law on domestic house rent in Lagos State?

What are the goods of multiple taxation on domestic house rent in Lagos State?

What are the factors that determine domestic house rent in Lagos State?

thesis

HO Residency law and multiple taxation doesn’t impact domestic house rent in Lagos State.

HA Residency law and multiple taxation does impact domestic house rent in Lagos State.

Significance Of The Study

The following are the significance of this study

Findings from this study will educate the general public on how residency law and multiple taxation has affected domestic house rent in Lagos State. It’ll also be a companion for policy makers and the government of Lagos State on how to thwart the issue related to individualities or commercial body paying two or further types of duty at the same time.

This exploration will also serve as a resource base to other scholars and experimenters interested in carrying out further exploration in this field latterly, if applied will go to an extent to give new explanation to the content

compass/ LIMITATIONS OF THE STUDY

This study will cover the residency law of lagos state and all the issues of multiple taxation with a view of relating their influence of domestic house rent.

Limitation Of Study

fiscal constraint-inadequate fund tends to stymie the effectiveness of the experimenter in sourcing for the applicable accoutrements , literature or information and in the process of data collection( internet, questionnaire and interview).

Time constraint- The experimenter will contemporaneously engage in this study with other academic work. This accordingly will cut down on the time devoted for the exploration work.

References

Affe M( 2008). Land Use Charge Fasola Seeks QuantitySurveyors’Help. Saturday Punch, 51 1411 inwww.punchontheweb.com,

Collins C( 2003). structure. Advanced Learner English Dictionary, 41h ed. London Harper Collins Publisher.

Akinlade IU( 2014). Property Valuation and Appraisal. Owerri BONPublications. Lagos State of Nigeria Official Gazette. Lagos StateGovernment of Nigeria. Lagos State Printing Corporation,lkeja.LSPC 566/ 72001/ 500 34 20