TA legal

PROPERTY OWNERSHIP: TAXES, LEVIES & CHARGES

After purchasing a Property in Lagos State, you will be required to make payment of some taxes, levies and charges to register your title. They are as follows:

When making an Application to Register the Title to Property:

1Charting FeeFixed Rate
2Endorsement FeeFixed Rate

During the Registration of the Title to Property:

1Consent Fee1.5% of the FMV*
2Stamp Duty0.5% of the FMV
3Capital Gains Tax
0.5% of the FMV
4Registration Fee
0.5% of the FMV
5Business Premises Charge (Payable if the property is a business premise or if one of the parties to the sale of Property is a company)Fixed Rate
6Personal Income Tax of both Parties to the Sale of PropertyFixed Rate
7Neighbourhood Improvement Charge (where applicable)

Post Registration of Title to Property:

1Tenement Rates
2Ground Rent
3Neighbourhood Improvement Levy
4Land Use Charge (Paid annually, A combination of 1,2, 3 and any other relevant charges)

*FMV – Fair Market Value of the Property

Information above is subject to change by the relevant regulatory body.

For questions and/or legal advice on registering property titles, please send an email to contactus@tundeadisa.com

Ayobami Tunde

Caleb Agyoh

Tunde & Adisa

Legal Practitioners

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