The price of an acre of land in Nairobi’s Upper Hill business district ballooned to Sh552 million from Sh120 million in 2010 and Sh50 million in 2002, property dealers say.
Currently, Nairobi has about 170,000 rateable properties, with rates being one of the top five own source revenue earners for the county government.
City Hall has announced a schedule for public input into the new property valuation roll, bringing the costly land rates closer to reality.
In a joint public notice, acting Nairobi County Secretary Jairus Musumba and assembly Speaker Benson Mutura said the public participation fora will be conducted on June 16 between 9am and 1pm across the 17 sub-counties in the capital. The new draft valuation roll proposes the new rates to be based on between 0.1 and 0.115 per cent of the current value of undeveloped land, setting stage for costly levies.
