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Challenges Associated With Property Rating In Nigeria
[A CASE STUDY OF ABEOKUTA NORTH LOCAL GOVERNMENT IN OGUN STATE]
CHAPTER ONE -- [Total Page(s) 3]
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5. Annual Value: This implies “the rent at which any tenement or hereditament might reasonably be expected to let in the open market irrespective of the letting arrangement of the landlord and tenantâ€.
6. Rebus Sic Stantibus: It is most basic principle in rating it explained that all hereditaments must be valued as they exist as at the time when the rate is being made (i.e. the property to value must be assed in the condition, state and circumstance existing at the time of assessment.
7. Hypothetical Tenancy: This refers to all potential occupiers and actual occupiers as possible yearly tenants thus; the facts that a property owner occupier is irrelevant.
8. Gross Value: It is defined in section 19(6) of General Act of 1967, as “the rent at which a hereditament might reasonable be expected to led from year to year if the tenant undertook to pay all usual tenant rates and taxes and landlord undertook to bear the cost of repairs and insurance and other expense if any necessary to maintain the hereditament in a state to command the rentâ€.
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
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