Tax adjustment in every economy is significantly affected by monetary policies and by implication real property taxes. This study examines the effect of property tax adjustments with respect to their impact on rental value in Nigeria. Data were obtained from 150 respondents. The multiple regression models and SPSS package were adopted for data analysis. The study found that there is a statistically significant relationship between landed property taxation and rental value. The implication is that the rental income from property is significantly affected by tax adjustments thus discouraging real property investments. It was recommended that tax reform and related institutional reform should entail actions that are consistent with local conditions rather than an attempt to realize abstract principles.