In Lagos State, the valuation of landed property for the determination of tax and other charges payable is by reference to the statement of Fair Market Value(FMV). The Fair Market Value(FMV) is determined by relevant professionals, adapted by the state government and published from time to time in the Official Government Gazette. You can purchase a copy of the gazette at Room 15 at the Lands Registry, Alausa, Ikeja.
The FMV is used in calcuation of the cost of Governor’s Consent, rectification of land title etc.

Fair Market Value(FMV) of some areas in Lagos

Location of land 2014 F.M.V/Rate(per meter sq.)
Abijo GRA 7500
Abule-Egba 8000
Agbowa 500
Ago Palace Way 20,000
Awoyaya 3500
Bode Thomas 40,000
Cooperative Villa Ajah 20,000
Dopemu/Egbeda 12,000
Ebute-Metta 8000
Epe Environs 600
Fadeyi Mushin 7000
Ifako-Ijaiye 6000
Iju 6000
Ikeja Ogba 15,000
Ikorodu Owode Ibeshe 3000
Ikotun 4,000
Ikoyi SW(others) 60,000
Ketu 10,000

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