As an Investor in the Real Estate sector, here are property taxes you should take note of;
LAND USE CHARGE:
This is a tax or levy imposed on a land or building payable yearly by the Landlord or Owner or tenant who have a minimum of a 10 year lease on the property. This charge has merged all other pre-existing charges on land i.e tenement rates, ground rent, neighborhood levy amongst others.
STAMP DUTY CHARGE:
This is a tax or levy imposed on perfection of land or propert title in most states in Nigeria. The process of registration of title in a State Lands Regsitry involves the payment of an applicable stamp duty charged on the value of the property
This is a 10% tax, it is levied on inherited propert payable at the State Probate Registry
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