Property Rating as a Source of Local Government Revenue

Property Rating as a Source of Local Government Revenue

Abstract of Property Rating as a Source of Local Government Revenue

This project attempts on the discussion of property rate as a source of local government reenue. It is centered on Oru-West Local Government in Imo state. Property rating or tenement rating is the tax levied on the owners of properties that are rateable. This work traces the history of property rating in Nigeria Local Government. It states the definition of some basic terms. The aims of property rating in Nigeria local government cannot be over emphasized. Owning to the obligations and works laid on the hand of the local government authority, they engage in tenement rating with the aim of getting the following: To increase the local government revenue, to provide the poor with the need facilities, to encourage the owners of building to develop them and development of the council unit and the purchase of big machines. Rating has been used to discourage urban decay by answering the big question of how to put cities in order. It is now noted according to the fact from Oru-West Local Government that many houses has been pulled down and new ones has been created because of effect of heavy taxation on such properties. Although rating has been noted to be the best way of getting money, there are some problems like lack of personality, skills, equipments needed etc. which are discussed in detail in chapter four of this project have been disturbing the free flow of ration of our economy.