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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ABSTRACT

This project attempts on the discussion of property rate as a source of local government revenue. 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 ratable. 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.


TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of Content

CHAPTER ONE
1.0      introduction
1.1      Background of the study
1.2      The historical development of property rating in Nigeria
1.3      Research methodology
1.4      Some basic terms associated with Tenament rating.

CHAPTER TWO
2.0      Literature Review
2.1      Property rating in Oru-West local government
2.2      Need for revenue and rational for property rating

CHAPTER THREE
3.0      Method/Process of properly rating in Nigeria local government

CHAPTER FOUR
4.0      Case study/Presentation and Analysis of Data
4.1      Property rating as a source of local government revenue
4.2      Why rating is the best means of local government revenue
4.3      Problems of property rating in Nigeria local government

CHAPTER FIVE

Conclusions and Recommendations


CHAPTER ONE
1.0      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 ratable. 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 realization. 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.

However, 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 amount 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 state, 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.

1.2      Historical Background of Oru-West Local Government Area

Oru-West local government was created in the year 1996 from the old Oru local government. It is made up of ten towns namely: Ohakpu, Eleh, Aji, Nempi, Ozara, Otulu, Ubulu, Amaofu, Ibiasoegbe and Mgbidi which is the headquarter of Oru-West local government area.


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