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.)|
|Ago Palace Way||20,000|
|Cooperative Villa Ajah||20,000|
|Ikorodu Owode Ibeshe||3000|