Justification of quinquennial revaluation of properties for rating assessment: A case of Garki Area 2 Abuja, Nigeria

There is an arbitrary undertaking of the quinquennial revaluation exercise. Even though it is imposed as a legislative provision in rating assessment, the frequency of revaluation of hereditament does not appear scientific and as such cannot be justified on the grounds of re-search. This study thereby sought for a scientific justification of the regular revaluation intervals in rating assessment. The focus of study was hinged on Garki Area 2 Abuja in the Federal Capital Territory of Nigeria, noted for its consistency in rating administration. Data on annual values of the various residential property types for the years of assessment (2016-2021) were sought from the occupants from where envisaged property rates payable were determined. The use of descriptive and inferential statistics of frequency distribution, mean, variance, the Analysis of Variance (ANOVA) and a Post Hoc Fisher’s Least Significance Difference revealed that rate payments begin to show significant difference at the third year of assessment having a p value of 0.013. Hence, the study recommended that the quinquennial revaluation exercise is not justified but rather be replaced by triennial assessment amended by enabling laws which would not just hedge against administrative costs in rating assessment but ensure that loss of revenue from property rating is at least drastically reduced.