TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1 Background
of the Study
1.2 Statement
of the Problem
1.3 Aim
of the study
1.4 Objective
of the study
1.5. Significance
of the study
1.6.
Outline methodology
1.7 Delimitation
and scope of the study
1.8 Definition
of terms.
CHAPTER TWO
2.0 Literature
Review
2.1 Introduction
2.1.1 Real
Property
2.1.2 Market
2.2 Concept
of real property market
2.2.1 The
character of the real property market
2.2.2 Factor
that influence real property market
2.2.3 Operations
of the property market
2.2.4 Feature that condition property
market operation
2.2.5 Importance
of property market
2.2.6 Types
of real property market
2.2.7 Major
players in the property market
2.2.8 Public
policy effects property market
2.3.0. Taxation
2.3.1. Functions
of Taxes
2.3.2 Guiding Principles of Tax Policy
2.3.3 Types
of property taxation
2.3.4 The
impact of taxation on property market
2.3.5
The effect of taxation on
property
2.3.6
Incidence of Tax on property
2.3.7 Effect Of Taxation
On Real Estate Development
2.4.0 Policy
2.5.1 Government Policies
CHAPTER THREE
3.0 Research Methodology
3.1 Introduction
3.2 Sources of Data
3.3 Sampling and Sampling Techniques
3.1 Population of the study
3.2 Procedure of data Collection
3.4 Methods of data Collection
3.4.1 Interview
3.4.2 Questionnaire
3.4 Determination of sample size and method of
sampling.
3.5 Instruments for Data Collection
3.7 Method of data analysis and Presentation
3.8 Limitation of the Study
CHAPTER FOUR
4.0 Data presentation, analysis, and
Interpretation
4.1 Introduction
4.2 Analysis of data of Residents of Kpakungu
and Tunga
4.3 Analysis of data and responses to estate
surveyors and Valuer
5.2 Conclusion
5.3 Recommendation
5.4 Suggestion for further Studies
REFERENCES
APPENDIX
CHAPTER
ONE
1.0 INTRODUCTION
1.1 Background of the study
Housing Literally means Building or shelters in which people live
work dwell etc and to nation as a critical component in social and economic
fabric [Kabir and Bustani, 2009]. It represents one of the most basic human
needs. As a unit of environment, it has a profound influence on the health,
efficiency, Social behavior, satisfaction and general welfare of the community.
To most groups housing means shelter but to other it means more as it
serves as one of the best indicators of a persons standard of living and his or
her place in the society [Nubi, 2008]. It is a priority for the attainment of
living standard and it is important to both rural and urban areas.
These attribute make demand
for housing to know to bound as population growth and urbanization are
increasing very rapidly and the gap between housing need and supply becomes
widen. Cultural factors such as preferences and value or social Status, taste
and financial resources, also influence a home physical characteristics.
In developing countries,
poor housing delivery has been attributed to inadequate mechanism and system
for land allocation, funding mortgage institutions and infrastructure. Also the
government policies dictate the nature and manner of the market and how
activities are run in the body polity. Despite this significance of housing
adequate supply has remained a mirage to all carder of the society in Nigeria.
The situation is very particular to most developing countries where population
is growing at exponential rate and rapid urbanization becoming a num, and
discrepancy in housing need and supply is high.
According to Kabir and
Bastani IBID, in a developing country like Nigeria, the housing Problem basically
relates to quantitative and qualitative inadequacies on the supply side various
government policies in the past have been formulated towards overcoming the
huge shortage through several housing reform programmers and how the property
market operates. Despite these past efforts housing continuous to be a mirage
to ordinary Nigerian.
Currently there are various
mass housing delivering programs such as the affordable housing scheme that
utilize the republic, private partnership
effort and several private finance initiative models could only provide
for about 3% of the required stock. This
suggest the need for a holistic solution in approaching the problem.
While the quality of the
existing stock that do not meet the minimum quality requirement. Thus this
study is necessitated to point out the property market operation in minna with
the view of finding a lasting solution to the problem of housing and give
directions for other areas in Nigeria.
1.2
Statement
of the Problem
According
to [Kabir and Bustani 2009] the housing problem basically relates to
quantitative and qualitative inadequacies. On the supply side, various
government policies in the past have been formulated towards over coming the
various mass having delivery programs such as the affordable housing scheme
that utilize the public private partnership effort and several private finance
initiative models could only provide for about 3% of the required stock.
A
recent study of the housing situation in Nigeria put existing housing stock at
23 per 1000 inhabitant.
The
housing deficit is put at 15 million houses [mabagunje 2002] while 12
trillion will be required to finance the
deficit, this is about 4time the annual national budget of Nigeria. Home price
and rents on the other hand, have grown ahead of general inflation making
matters worse the composition of homes for sale and rent on the market has been
inexorably shifting towards very expensive homes.
Also
Kabir and Bustani ibid state that current scheme include a “site & Service”
that provides low-income beneficiaries with serviced plots including tenure
Security and help to build their own houses and the second approach helped
house-owners in existing squatter area obtain tenure to their land and to
improve their dwelling. In spite of the fact that they may help to improve
tenure security, these initiate target population low-income earners usually
does not benefit from them. Hence, this study is necessitated to asses the
effect of taxation policies on the property market operation in minna, Niger
state with the view of point out the impact of these policies in the area to
serve as a guideline blue-print and working document for other areas.
RESEARCH QUESTIONS
This
research therefore is intended to answer the following questions;
1.
What are the various Taxation policies of
government that impinges on property market in Minna.
2.
What are the impact of these policies on
property market
3.
What are the issues and changes of these
policies as they apply to the transaction of the property market in the area.
1.3
Aim
of the Study
The aim of this study is to
assess THE EFFECT OF TAXATION POLICIES ON THE PROPERTY MARKET TRANSACTION IN
MINNA.
1.4 OBJECTIVE OF THE STUDY
To achieve the aim the following
objective are set:
1 To identify the various taxation policies of government that impinges on the property market in
Minna
1
To asses the impact of these policies on the
property market.
2
To examine the issue and changes of these
policies as they apply to the transaction of the property market in area.
1.5. SIGNIFICANCE OF THE STUDY
The
potential finding of this study will be beneficial in the following ways
·
To the estate surveyors on the need to be
sophisticated in their approach in property market transaction. This will
largely help to reduced the image and credibility of the profession and also
reliability of their report before their highly estimated users.
·
It will fill gap in literature as there are
death information in this respect of research especially in the study area
·
Users of property [financiers and developers]
will be properly and accurately guided.
1.6. OUTLINE METHODOLOGY
The
following research methodologies shall be the employed for this study
Method of data collection; for the success
of this research work primary and secondary method of data collection shall be employed.
Sources of data; data for this research
work will be sourced through questionnaire and back-up with interview.
Target population; some of the team of
expect [valuers] and property developers [investors] in the study area will be
considered and sample their opinion on the effect of taxation policies on
property market transaction in the study area.
Sampling techniques; in carry at this
research work, systematic, stratified and simple random sampling shall be
employed
Target population; the target population for
this study are estate surveyor and users of property [Banks and mortgage
institution in Minna Metropolis].
Method of data analysis; the method data
analysis will involve the use of table and frequency details
1.7 DELIMITATION AND SCOPE OF THE STUDY
The scope of this study is limited to effect
of taxation policies on property market transaction in Minna metropolis, Niger
State.
1.8 DEFINITION
OF TERMS.
Real property:
[encyclopedia] all land, structures, firm attached and integrated equipment
[such as light, Fixtures or a well pump], anything growing on the land, and all
“interests” in the property which may be the right to future ownership
[reaminder], right to occupy for a period of time [tenancy or life estate] the
right to drill for oil, the high to get the property back [a version] if
its no longer used for its current
purpose [such as use for a hospital, school or city hall], use of air space
[condominium] or an easement across another’s property.
Market: is
one of the many varieties of system institutions, procedures, social relations
and infrastructures whereby parties engage in exchange goods and services by
banter, most markets rely on sellers offering their goods or services
[including labor] in exchange for money from layers. It can be said that a
market is the process by which the prices of goods and services are
established.
Taxation:
Taxation refers to the act of a taxing authority actually levying tax. Taxation
as a term applies to all types of taxes, from income to gift to estate taxes.
It is usually referred to as an act; any revenue collected is usually called
“taxes”. Taxation is one of the primary powers of government over the people.
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