PROPERTY TAXATION IN NIGERIA: AN APPRAISAL

Abstract

Taxation of property in Nigeria has a checkered history. Taxes imposed on property in the country are marked with intricate and complicated interaction of both traditional, colonial and modern day circumstances. Property tax, put briefly and to the point, has to do with a tax imposed on property owned by person(s) or other legal entities by the government. It is a vital source of revenue for governments worldwide. The revenue generated from the tax helps the government to finance essential public services, and also improve and maintain public infrastructure. In Nigeria, there are various types of taxes imposed on property in the country, each with its own peculiar or distinguishing features. The taxes, no doubt, play crucial roles in government project financing, although with various challenges. This Article critically examined the gamut of property taxation in Nigeria. The research methodology employed in the study is doctrinal, while data were collated from both primary and secondary sources. Findings revealed that multiplicity of taxes imposed on property, inadequate data of property, poor administrative and collection system, and lack of awareness of the tax, are some of the barriers to property taxation in Nigeria. The study ends with recommendations which if followed would improve the lot of property taxation in Nigeria and enable the government reap more from this form of tax