Surveyors have warned that county governments' huge appetite for fat property taxes could slow down targeted property developments, the Institution of Surveyors of Kenya has warned. ISK on Monday said the astronomical adjustment of property taxes, by up to 200 per cent in some cases, could prove counter-productive as they will demotivate prospective developers.
While land and property rates are a major source of revenue for national governments worldwide, the surveyors said, counties' monumental tax increments are "baffling". "Majority of the counties have proposed high and punitive land rates with some increasing the rates by as high as 200 per cent," ISK chair Collins Kowuor said.
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