Estate Valuers, Experts Calls On Govt To Harness Real Estate As Major Source Of Funds

Osun Chapter of the Nigerian Institution of Estate Surveyors and Valuers, NIESV and experts have called on the state government to harness real estate as a major source of funds through revenue generation.

The summation was made at the institution Mandatory Continuing Professional Development, MCPD held at the Osun NIESV House in the state capital.

Speaking on "The Challenges and Prospects of Improving IGR through Real Estate Sector in Osun State", the lead resource person, Prof Godwin Oyedokun: a Professor of Accounting and Financial Development, Lead University Ibadan, stated that the running of government cannot be carried out effectively when funds are not available.

He stated that real estate tax generates revenue for the government through its various forms which include: Capita gains tax, registration fee, land use charge, withholding tax, stamp duty tax, estate duties, consent fees and value added tax, adding that the real estate tax administration system eases payment compliance by targeted payers, eases management since property is immobile, and encourages property ownership to regularize their title.

Speaking further on a successful impact of real property, he maintained that government must show transparency accountability, added that professionals should be employed in tax administration, stressed that harmony must reflect among tiers of government, with regular review of real estate taxation as a custom to meet up with modern needs and challenges.

On "Ethical Practice for property tax generation in Osun state: The Roles of Estate Surveyors and Valuers", ESV Adewuyi Sikiru Aremu it is legitimate for government to control the land based resources of the state, and manage them effectively for the benefits of the generality of the people, this having the advantage of poverty reduction.

Speaking on the history of Osun state generation of revenue backed by Administrative and Tax Consolidation Law 2019, he said the government can do better by partnering with Estate Surveyors and Valuers professionals, thereby curbing excesses and using the tax proceeds to fulfil statutory obligations of the citizens.

ESV Taiwo Oshikoya of Estate Management Department Ajayi Crowther University, speaking on Legal and Legislative Framework for Property Tax Payment in Osun state, enthused that the legislative property law is governed by series of statutes and regulations which have evolved over time to meet the changing needs and priorities of the state, he compared the state with other states and urged the government to get best practices where governments uses their various legislative property laws to generate revenue at the local governments and state as a whole.

Speaking further, he asserted that consistent public awareness and education campaigns, alongside a comprehensive and we'll implemented legal and legislative framework is crucial for Osun state to harness the potential benefits of property tax revenue and achieve long term financial stability, averred also that with property tax payment, the government and the people will benefit from the provision of improved infrastructure and services funded by the derived tax revenue.

Earlier in his welcome address, the state Chairman ESV Adekunle Adedoye who welcomed all, emphasized the aptness of the Mandatory Continuing Professional Development, MCPD is need to equip and broaden the knowledge of the professionals on duty, adding that Osun state under the leadership of Governor Ademola Adeleke needs the professionals who are ready to partner the government to achieve great internally generated revenue through the various property tax and real estate management.