The Nigerian Institution of Estate Surveyors and Valuers says the refusal of local government chairmen to engage professionals is responsible for the arbitrary collection of tenement rates across the country.
The Chairman of the institution, ESV Nwokoma Nwankwo, warned that failure by individuals and corporate organisations to properly value their properties is also risky and economically damaging.
He said local governments are losing significant revenue due to poor valuation systems, noting that professional valuation would ensure fairness and accountability in property taxation.
The Publicity Secretary of the institution, Chinanu Boniface, added that both government and citizens stand to benefit from proper property valuation, stressing that it improves revenue generation and planning.
A member of the institution, Dr Ogechi Wechie, also noted that valuation of assets has huge economic potential for national development.
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