The Lagos State Valuation Office came into being in 1989, as a result of the promulgation of the Tenement Rate Edict vide State Government Gazette No.27 of 23rd June, 1989 and following the dissolution of the then Local Government Revenue Board. The Edict provides that the Valuation responsibilities of all hereditament/ properties for Rating purposes in all Local Governments in the State are vested in the Lagos State Valuation Office. The Edict also gave the power of Tenement Rate Revenue collection to the respective Local Government Councils.
The last General Revaluation exercise (1989/90) was carried out with the assistance of the World Bank as a source for amortization of the loan granted for the execution of solid waste and storm water drainage scheme in the State.
In 1995, the Lagos State Government in response to proposal made by the Lagos State Valuation Office started receiving 10% of the total amount collected on tenement rates by the Local Governments. Out of this 10%, 8% was set aside for the payment of loan obtained from the World Bank, while the remaining 2% was retained by the Lagos State Valuation Office for the running cost of the Office.
The Edict provides under section 7 sub –section 2 as follows
“ Not less than one in every 5 years after completion of the general assessment, the Director of Valuation shall cause a new general assessment, to be made in the manner provided under sub section (1) of this section of every tenement subject to rate in the State “.
It is pertinent to note that part of the expectation of the World Bank is to provide fund for the procurement of software and hardware computer components for the storage of records, billing and monitoring of collections of tenement rates.
The full computerisation of the Office was completed in the year 2002.
The promulgation of the Land Use Charge Law which consummates Tenement Rate, Neighbourhood Improvement Charge and Ground Rent into one coupled with its implementation took the major aspect of the responsibilities of this Office i.e. levying and collection of Tenement Rate away. The bill for the Establishment of Land Use Charge Act and connected purposes came into being in the year, 2001 but its effective implementation was in the year, 2005.
Notwithstanding, Land Use Charge implementation, the Office (LASVO) is carrying out the under listed functions effectively now:
- Asset Valuation of all Agencies and Tiers in the State.
- Valuation of public infrastructure as required by IPSAS
- Tenement Rating Assessment in areas where Land Use Charge hasn’t been carried out.
- Maintenance and updating of Assets Register.
- Creation of Data Bank amongst others.
VISION: To be the government Professional Valuers for Value creation and Excellent governance.
MISSION: Promoting and providing standardized value added services to the State Government in compliance with International Best Practices.