Lagos State Governor, Mr. Babatunde Fashola SAN, Monday
signed into law an Executive Bill reducing the cost of land transactions in the
State saying it is “in order to ensure that land transactions are carried out
with minimal difficulty especially with difficulties relating to payment of
taxes, rates and legitimate levies charged under the enabling law”.
The Executive Order, (No. EO/BRF/001 of 2015), provides,
among others, that “unless otherwise indicated, the valuation of landed
property for the determination of tax and other charges payable shall be by
reference to the Statement of Fair market Value produced by relevant
professionals, adopted by the State Government and published from time to time
in the Official Government Gazette”
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