Real Estate Taxes Lagos Nigeria - Lagos Property Taxes Reviewed. Free Tips.
Real estate taxes can therefore be considered a good thing when looked at from that perspective.
This property taxes are based on assessment of your property's worth as at the time of the purchase.
The Personal Income Tax
The Personal income tax comes into play when you sell a property or when you receive rent from rental properties you own.
These are earnings and you will rightly be expected to pay taxes on these earnings.
What is the applicable tax in terms of percentage of income earned?
In Lagos state Nigeria, the percentage tax you pay is dependent on the level of income you earn.
It starts form 5% all the way to a flat rate of 20% for people who earn as much as 1 million Naira per month.
Property Taxes - The Land Use Charge
The land use charge is like a ground rent paid annually by property owners in Lagos Nigeria.
As the name implies, this tax is more or less like a tenement rate you pay to the government for granting you your request to lease the land (government owns all land by law).
So, what is the value of the land use charge?
It is calculated as a percentage of the assessed value of the land.
Please visit the land use charge page for specific details about the land use charge value and applicable penalties when you fail or neglect to pay this property tax.
So, there you have it . . . the applicable real estate taxes in Lagos Nigeria.
Pay your tax promptly.
It is your tax that the government uses to provide the societal benefits we all enjoy.
Hopefully, the more people who pay property taxes, the more development we will see in Lagos as more funds become available to the government.
Pay your taxes!
It is the law. And the law will catch up with you if you do not.
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