Property Rating As A Source Of Local Government Revenue In Imo State (A Case Study of Oru-West local Government Imo state)
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INTRODUCTION
INTRODUCTION
Property rating which is also known as tenement rating is the rate or tax levied upon the owners or occupiers of properties or tenements which are rateable. It is the kind of tax or rate which is levied on the properties which are not government or publics own. Rates from the main source of revenue to the local government. The term tenement rating was not known until 1601 when the United Kingdom introduced the poor relief fund gradually, the property rating began to gain ground in the nations and especially Nigeria local government authorities which I now a great source of the local government’s finanace not only for the development of their areas of jurisdiction but to maintain these places e.g Oru – West local government is one.
Before the introduction or rating, the local government based their realization of fund on the grants from the state and federal, borrowing from banks, Agriculture etc. and some other way of fund realiation. The fact is that the money the government got those days were not enough to pilot the affairs of their areas. They were looking for ways on which they can embark on so to get adequate money owing to the introduction of property rating, the government now have another means of getting money.
The aim for the introduction of property rating is to enable local government realize adequate revenue that should be used in providing all the needed facilities like pipe-borne water, electricity, access roads, good streets etc. for the consumption of both poor and rich people.
Howeer, with taxation by rate the amount of revenue required is fast decided and ths total liability is then distributed amount the tax payers or rate payers. The maount of the tax is fixed by dividing the sum to be raised by the aggregate rateable value. The basis of assessment of the property rate is the rateable value of land and buildings.
In Oru-West local government Imo stae, the record has it that a handful of money was realized from tenement rating. This helped them more than the agricultural sector and other sectors in the area therefore, rating is of paramount help to the world and Nigeria local governments in particular.
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