It has come to the stake holders’ attention of Kisumu real estate’s
that this newly imposed tax by the county Government of Kisumu is basically the
source of slow rate of development in Kisumu real estate’s sector. This
condition has notably affected the number of properties installed by the local
and non-public investors. Both the local and the foreign investors have made
their voices heard whereby they’re terribly discontented about the push of high
property taxation.
This move is not going to only hinder Kisumu County but all
the 47 counties in Kenya are affected, moreover, the circumstance is perceived
as deterrent to the business set up in Kisumu real estate sector plus the whole
country in its entirety. The most recent research from the 2014 brand Kenya audits
survey indicates dissatisfaction among the many possible investors regarding the
new charges and taxes normally imposed by the County Governments.
It’s projected that the increased charges will certainly
impact the counties with growth opportunities, one of the 47 county chief
executive stated that they've only engaged the Counties in such subjects and
anticipates that there aren't going to be any weighty taxes will be levied upon
the investors in order to make the counties attractive for the business which
ultimately will develop picture of the Country completely.
Evans a marketing Executive in a premier real estate in
Kisumu noted that whenever the taxes on properties are high, the demand for
building and developing properties in Kisumu County precinct depreciates
notably.
He said that just recently private investors wanted to
purchase a huge parcel to develop a five star hotel in Kisumu, but after
learning that there is a heavy taxation to be included, he opted to hold on and
give it yet another thought. The County Government must review this law and
adjust the rates of this heavy taxation, because at the end of the day
investors will shy disconnected from the venture hence development will
absolutely decline from the county levels.
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