The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has suggested implementing taxes on vacant properties as one of the strategies to address the increasing issue observed in key urban areas throughout the nation.
The President and Chairman of the Council of NIESV, ESV Victor A. Alonge, disclosed this information during the annual Valuation Day Celebration held in Abuja on Monday. The event’s theme was “Tax Reform for National Economic Prosperity: Why Valuation Matters.”
He states that the increasing number of finished and fully equipped properties in Abuja has raised concerns among all parties involved, including the government. However, little action has been taken to address this issue since possessing and upkeep of personal property is considered a basic human right according to him.
“But according to our stance at NIESV, once the government imposes taxes on vacant properties, this practice should decrease since the more homes an individual owns, the higher their tax burden will be,” he clarified.
He noted that the theme of the conference is crucial since it coincides with the government’s efforts to implement policies aimed at revamping the country’s struggling economy, including tax reform initiatives.
Regarding the issue of quackery within the industry, the president emphasized that estate surveyors and valuers have the exclusive responsibility to assess the economic value of assets across various aspects. They are the sole experts trained and authorized by law to determine and assign financial values to these assets. The president further stressed that “it is both incorrect and unlawful to delegate valuation tasks to companies not specialized in estate surveying and valuation.”
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