ASSESSING THE EFFICACY OF REAL PROPERTY TAXATION IN NIGERIA

Abstract

Nigeria's real property taxation system faces significant challenges, affecting economic growth and social welfare. The study evaluates the current framework, identifying inefficiencies and disparities. Key issues include inadequate property valuation, inconsistent tax rates and exemptions, and limited local government autonomy. The study adopts a qualitative research approach, while relying on the method of Conceptual Analysis to delineate key concepts and variables. The study examines the impact on land ownership, urban development and revenue generation. Fiscal federalism complications and tax evasion strategies are also addressed. The research recommends reforms, such as standardized valuation methods, progressive tax structures and enhanced local government powers. It argues that effective real property taxation can stimulate economic development, promote transparency and ensure sustainable revenue streams. As such, it contributes to the ongoing debate on taxation and development in Nigeria, providing insights for policymakers and stakeholders with deep concern for Real Property taxation.