The Senate on Tuesday passed a law making it compulsory for property owners in the Federal Capital Territory (FCT), to pay tax, although with the exemption of property owned by government, churches and mosques.
The bill provides for the founding of the FCT Internal Revenue Service and other matters connected therewith. Similarly, it makes provision for assessment, levying and collection of tax on real property within the FCT.
The board is empowered to make all taxable real property in the FCT to be appraised at least once in every five years. The property will be appraised at its market value as ofJanuary 1in the year of appraisal.
Taxable real property in the FCT would attract the following rates: (a) Residential-0.1 per cent; (b) Commercial-0.2 per cent; (c) Recreational-0.1 per cent; (d) Government and governmental agencies-0.1 per cent and (e) Others-0.3 per cent.
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