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Lagos Slashes Land Use Rate - Properties - Nairaland

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Lagos Government Reduces Land Use Charge / Lagos State Government's Explanation Of Land Use Charge / Land Use Charge Law Of 2018: Things You Need To Know (2) (3) (4)

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Lagos Slashes Land Use Rate by omowolewa: 9:25am On Mar 16, 2018
Sesan Olufowobi


The Lagos State Government on Thursday announced a reduction in the rates payable by property owners under the Lagos State Land Use Charge Law 2018 , and waived the penalty for late payment .


The Commissioner for Finance , Mr . Akinyemi Ashade , who stated this at a press briefing in Alausa , Ikeja , said the development followed extensive deliberations with stakeholders.
He said , “ The rates payable on commercial properties have been reduced by 50 per cent . The government has also reduced the charges for owner - occupier with third party by 25 per cent, while tax credit has been given for LUC charges already paid in addition to introduction of instalment payment system . ”


Ashade , who addressed journalists along with Executive Council members , said the decision to reduce the rates was taken at the council meeting on Wednesday , which was chaired by Governor Akinwunmi Ambode .


Giving a breakdown of the reduction , Ashade said for commercial property owners , a property valued at N 20 m for instance , which was earlier billed N91 , 200 , would pay N 45 , 600 per annum as a result of the 50 per cent discount , while property occupied by owner , third party and property used for industrial and manufacturing purposes will now pay N23 , 040 per annum on a property valued at N 20 m as against the earlier N30 , 720 based on the 25 per cent discount .


“ On owner - occupied property valued at N20 m , only N7 , 752 will now be paid per annum as against N9 , 120 earlier demanded based on 15 per cent discount .


“ Other rates and reliefs, apart from the ones stated above , will remain unchanged . These include 40 per cent general relief , 10 per cent for 70 years and above , 10 per cent for properties owned by persons living with disabilities and 10 per cent for properties that are 25 years old . Owners of properties across all categories will now be allowed to make payments by instalments , ” Ashade added .


Also , Attorney General and Commissioner for Justice , Mr . Adeniji Kazeem, said under the amended law , there was provision for establishment of five tribunals , out of which one had become operational in Ikeja .


He said the remaining four would be established in Epe , Badagry , Ikorodu and on Lagos Island .



http://punchng.com/lagos-slashes-land-use-rates/
Re: Lagos Slashes Land Use Rate by omowolewa: 9:34am On Mar 16, 2018
I believe the law should be reviewed further to put human face to it.

Aged persons, pensioners and property usage must be considered rather than flat rate relief
Re: Lagos Slashes Land Use Rate by jamafa: 9:40am On Mar 16, 2018
Re: Lagos Slashes Land Use Rate by Truthcat: 10:09am On Mar 16, 2018
Taking one step forward and two steps backward is what cowards are known for. Ambode should have given priority to Yoruba through DAWN to drown the voice of the squatting refugees, or is DAWN just a lip project? Ambode well done oo! Now watch how your antagonists put pressure on you and frustrate you to roll back every other law you make. I don't know who your life coach is walahi! Once you take a decision, don't for once go back on it, else they will expect you to always change your mind. Your base, target and support system are the Yroruba. They are the people you need to please, your only priority to carry along with break-neck incentives.The uninvited guest will pay any tax amount if they want to build, and will flow naturally with the law if Yoruba are ok with it. We can't keep giving our land for cheap. What happens to OUNJE T'ESU MA JE, AJA LO MA S'ISE E? These are unwritten laws Yoruba can tap into but unfortunately, our leaders brains are so weak. You need to stop being chicken.

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