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Details Of Reduced Land Use Charge In Lagos - Politics - Nairaland

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Details Of Reduced Land Use Charge In Lagos by NewshelmNg: 2:15pm On Mar 15, 2018
The Lagos state government have appeared to have succumbed to public pressure following the increase of the Land use charge in the state.

Here are the details of the reduction in Land Use Charge recently announced by the State Government as announced by the state government.


Commercial Property: Commercial Property Owner, who are undoubtedly the stakeholders mostly impacted by this amended Law will be granted 50% discount. This means a commercial property valued at N20M which was earlier billed N91,200.00 will now pay N45,600.00 per annum.

Property Occupied by Owner and Third Party & Property Used for Industrial and Manufacturing Purposes: These categories of property will enjoy 25% discount. This means that a N20Million property expected to pay N30,720 will now pay N23,040 per annum.

Owner-occupied Property: This category of property will enjoy 15% discount. For a N20 Million property, this used to be N9,120 now, it is N7,752 per annum.

The penalty regime for late payment of LUC has been waived completely. Therefore, LUC payers who have received their bills will no longer be penalized for late payment of bills issued in 2018, thereby providing additional relief to LUC payers.


Other rates and reliefs,apart from the ones stated above remain unchanged & will be implemented as stipulated by Law. These include 40% general relief, 10% for 70 years and above, 105 for properties owned by persons living with disability and 10% for properties that are 25yrs.


Owners of Property across all categories will now be allowed to make payments by installments. This will help to reduce the burden of taxation on our citizens.


http://newshelm.ng/details-of-reduced-land-use-charge-in-lagos/

cc lalasticlala mynd44

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Re: Details Of Reduced Land Use Charge In Lagos by Nobody: 2:16pm On Mar 15, 2018
State and region of origin should play a big role...
Re: Details Of Reduced Land Use Charge In Lagos by Nobody: 2:18pm On Mar 15, 2018
Needs to be reduced more
Re: Details Of Reduced Land Use Charge In Lagos by MaziOmenuko: 2:46pm On Mar 15, 2018
This means a commercial property valued at N20M which was earlier billed N91,200.00 will now pay N45,600.00 per annum

This is just a smokescreen. The valuation is where the problem lies; properties are being valued at prices far more than their worth so that even if you reduce the rate to 5%, the bill will still be outlandish.

How can you value a 3-bedroom bungalow at the mainland for N68mill? Even if you say make the owner pay 10%, thats a whooping N6.8mil per annum!

All these shenanigans is not helping anyone abeg.

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Re: Details Of Reduced Land Use Charge In Lagos by Nobody: 2:59pm On Mar 15, 2018
Why do they keep mentioning N20m, when they value houses at N600m and N700m whom are worth not upto N100m in reality.

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