PROPERTY TAX ASSESSMENT ON RESIDENTIAL PROPERTIES IN IMO STATE

PROPERTY TAX ASSESSMENT ON RESIDENTIAL PROPERTIES IN IMO STATE
 
CHAPTER ONE
INTRODUCTION
1.1       Background of the Study
Countries have different property assessment systems depending on their prevailing circumstances (Monkam, 2011). Babawale (2013) in his study hinted that the tax base, method of valuation, basis of valuation, the approach to valuation and the adjustment to the valuation roll are the key components when assessing a value of property for tax purposes in the valuation model. Hefferan & Boyd (2010) stated that one of the oldest forms of revenue for governments was a taxation system that is based on property ownership. This form of taxation according to FAO has been in existence about three millennia now (FAO, Food and Agriculture Organisation of the United Nations, 2002).
Previous research about the subject was collected and critically examined to establish the literature review. Literature was initially collected to investigate different valuation methods that are applied around the world, which created the first section of the literature review. This obtained a solid background to be able to conduct the sections of Nigeria, by analyzing literature about how these systems are structured and how the values are assessed through these systems.
1.2  Problem Statement
Globally, residential tax assessment is done using mass appraisal system in most countries. In Botswana this is done using individual property assessment which is