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An Overview of Housing Rents Multiple Taxation and Tenancy Laws

An Overview of Housing Rents, Multiple Taxation, and Tenancy Laws

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Reference ID: PS-584-TM

DEDICATION

This research material titled “An Overview of Housing Rents, Multiple Taxation, and Tenancy Laws” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Taxation, Book Authors and Profound Scholars of existing or related project material on “An Overview of Housing Rents, Multiple Taxation, and Tenancy Laws” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    An Overview of Housing Rents, Multiple Taxation, and Tenancy Laws

    CHAPTER ONE

    1.0 Introduction

    1.1 Background To The Study

    Lagos State can be described as the Nigeria's commercial capital, is the country's most active and most expensive rental market where tenants at its highbrow areas pay expensively for residential apartment while similar apartments in the low-mid income areas go for amount. Apart from high demand and low supply, there are other factors responsible for this high rent and, according to Akinlade (2014), the Lagos Tenancy Law and multiple taxation are driving up house rents in Lagos. Recognizing that Lagos is home to over 21 million people, with housing posing a major challenge to the huge population, the state government in August 2011 enacted the Tenancy Law which prescribes one year rent for a new tenant and six months for a sitting tenant.

    Akinlade (2014) explained that the single year rent payment law has discouraged investment in homes for rent and has pushed rent to new level, adding that, presently, landlords collect two years’ rent for one year in many locations in Lagos.He explained further that developers, through multiple taxation, were made to pay for land, planning and approval, environment, council and taxes.Access to land through government allocation is a battleground for money bags in Lagos. Planning approval takes forever, yet the government says it will take one to two months.

    The Federal Government's housing policies has not contributed enough for developers in that access to credit from banks was near-impossible for developers and developers that are lucky to receive loan offers must find over 150 percent security for the bank to hold; 25 percent interest rate on bank loans which is a killer for any developer's business plan (Collins, 2003).

    Other reasons for the high rent to include sale of Federal Government's land in Lagos, high exchange rate to import building material, highly priced local building material, high fuel costs showing itself through transportation costs and generators, highlabour costs, and inadequate design to maximize land space.

    Lagos has seen 30 years of mass housing gap, because since after Lateef Jakande governed Lagos from 1979 to 1983, there has been no mass housing for rent.Jakande was the last governor of the state that successfully implemented and delivered mass housing policies for rent. For 30 years, successive governments ignored this need of Lagos residents. Jakande also commissioned a report on homes shortage in Nigeria, as at 2010, estimated at 16 million and projected to reach 20 million by 2020.

    According to Affe (2008), it is fair to the citizens that government discharge its responsibilities to the people and give meaningful life to the citizens. This underscores the point why Land Use Charge was introduced by Lagos State Government to raise revenue for maintaining existing infrastructure and provide new ones. It is in line with this that the researcher is examining the effect of tenancy law and multiple taxation of residential house rent in Lagos State.


    1.2 Statement Of The Problem

    Lagos State is steadily emerging a multi-nuclei metropolis giving rise to a number of real estate submarkets. Notwithstanding, residential house rent has been abnormally high especially in thenormally adjudged as more juicy in some neighborhoods such as Ikoyi, Victoria Island, Lekki-axis, Ikeja, Apapa, IsaleEko and Amuwo Odofin. However, researchers are of the opinion that the skyrocketed residential house rent in Lagos State is occasioned by several factors including the tenancy law introduced by the Lagos State government and multiple taxation. This study is examining the effect of tenancy law and multiple taxation on residential house rent in Lagos State.


    1.3 Aim and Objectives Of The Study

    The aim of the study is to carry out an Overview of Housing Rents, Multiple Taxation, and Tenancy Laws. In achieving this aim, the following specific objectives were laid out as follows:

    1. To examine the effect of tenancy law on residential house rent in Lagos State.
    2. To examine the effect of multiple taxation on residential house rent in Lagos State.
    3. To identify other factors that determines residential house rent in Lagos State.

    1.4 Research Questions

    The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

    • What are the effects of tenancy law on residential house rent in Lagos State?
    • What are the effects of multiple taxation on residential house rent in Lagos State?
    • What are the factors that determine residential house rent in Lagos State?

    1.5 Research Hypothesis

    In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.

    Hypothesis One

    • H0: Tenancy law and multiple taxation does not influence residential house rent in Lagos State.
    • H1: Tenancy law and multiple taxation does influence residential house rent in Lagos State.

    1.6 Significance Of The Study

    The findings from this study will educate the general public on how tenancy law and multiple taxation has affected residential house rent in Lagos State. It will also be a guide for policy makers and the government of Lagos State on how to checkmate the issue related to individuals or corporate body paying two or more types of tax at the same time.

    This research will also serve as a resource base to other scholars and researchers interested in carrying out further research in this field subsequently, if applied will go to an extent to provide new explanation to the topic.


    1.7 Scope Of The Study

    This study will cover the tenancy law of lagos state and all the issues of multiple taxation with a view of identifying their influence of residential house rent.


    1.8 Limitation Of Study

    During the course of this study, many things militated against its completion, some of which are:

    1. Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
    2. Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
    3. Lack of Initial Cooperation from Respondents: A particular limitation of this work came as a result of the respondent refusal to offer their cooperation at the initial time they were contacted. This contributed in making the success of this research study difficult.

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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