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Land Rent and Land Rates: What you Should Know Before Buying Land.

Are you a land owner or an aspiring land owner? It is important that before you purchase land, you are conversant with the various formalities. This article seeks to guide you on two levies applicable on land namely ; land rates and land rent. Both levies have to be paid by land owners for clearance certificates. Also, where both levies should be paid respectively.

Land rates are payable to the County Government in one’s respective county. Upon full payment, one is issued with a land rates clearance certificate. This is payable on both freehold land and leasehold interest in land. The rates differ from one county to the other mainly due to the value of land. 

Land rent is a levy imposed on leasehold interest in land. It should be noted, that there are two interests of land, namely the freehold interest and leasehold interest. The leasehold interest is where the government leases the land to a person for a period of years, such as 33 years or 99 years and upon expiry of the tenure, the government can either renew the tenure or extend the tenure.

 Upon full payment of the land rent and any other outstanding fees, one is issued with a land rent clearance certificate. The certificate is valid for a year. 

Content created and supplied by: Mawaka (via Opera News )

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