Property taxes are an essential part of owning a home—it's the money that pays for services such as
police and fire protection, water and sewer systems, roads, schools, parks… basically everything that goes
into making a neighborhood livable. And in order for these services to be maintained, it's important that
there's enough funding available for them to cover operating costs.

So, if you're thinking about buying a home or apartment in another country but aren't sure how property
taxes compare between Nigeria and the US or UK? This comparison will help you understand how much
your new home could cost each month!

Here are 5 fun facts about taxes in the U.S and U.K compared to Nigeria:

1. According to a report by the OECD, the United States has one of the highest tax burdens in the
world, with an average tax rate of 24% of GDP. In comparison, Nigeria has a tax rate of just 6.1%
of GDP.

2. In the UK, the top rate of income tax is 45%, which applies to those earning over £150,000 per
year. In contrast, Nigeria has a flat rate of 7.5% for individuals.

3. The tax code in the USA is notoriously complex, with over 4 million words in the federal tax
code alone. This complexity leads to higher costs for taxpayers and makes it more difficult to
comply with the tax laws.

4. While taxes are necessary to fund government services, many Americans and Brits complain
about the high tax rates they face. In Nigeria, however, many citizens feel that the government
does not provide enough services to justify the taxes they pay.

5. Despite the lower tax rates in Nigeria, tax compliance is still a challenge in the country. The
government is working to improve its tax collection system and increase compliance, but there is
still a long way to go.

Overall, while taxes in the USA and UK may seem high compared to Nigeria, it's important to remember
that these taxes help fund a wide range of government services that citizens rely on every day.
Written by: Oluwaseun Abdulwaris Wahab (Lead Consultant of Urbanites Realty)

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