A look at the proposed property tax in the FCT

Property owners and tenants in the Federal Capital Territory (“FCT”) should brace up for more taxes if the proposed Bill currently under consideration at the National Assembly is anything to go by. The bill titled “The Federal Capital Territory Property Tax Bill, 2011” seeks to introduce a property tax payable on all real property situated in designated areas within the FCT. The FCT Authority claims that there is currently no property tax in the FCT hence the proposal.

Real property is defined to include land in use and land covered by water; and building or structure situated thereon including machinery, installations and equipment affixed to a building, a mobile home, a bulk storage tank and any supply pipelines connected therewith, and any wireless pole, pipe, tower, equipment or structures forming part of a television or radio broadcasting transmitter including a cable television system, telephone, electric light or any electric power distribution system.

Download for more.