1.If you are a landlord and you are the only one living in your house with your family (No tenant). Your annual fee is
Value of the house × 0.076. E.g. if your house is valued at N20m. Your fee is 0.076% of N20m =
N15,200 per annum.
2. If you rented out the house to tenants only and you don’t live there and the house is worth N20m. You will pay 0.76%of N20m = N152k.
3. If you are a landlord living with your tenant in the same building of the above value. You will pay 0.256% of N20m = N51, 200. Etc.
*All fees has a 40% discount . I.e
15,200 …….. …… 9,120
152, 000. ………. 91,200
51, 200 …………..30, 720
** The value of a property is determined by the current price of land in the area the property is located plus the cost of the structure built on it plus other little big big grammar I don’t know. Which simply means if you want to sell the property, how much is it worth? .
* However, if your building is not worth much, you will pay at least N5k per annum.
** Itesiwaju Ipinle Eko Vanguard