Dear all.
Trust your Saturday is coming up well.

Recall that I created a topic couple of weeks back to educate people on what the Land Use Charge is and what it is not. If you missed it, please check this link https://www.nairaland.com/4378494/land-use-charge-lagos-state

We thank the moderators that moved to the homepage and lot of people read it, including some of the LASG officials. Some comments were positive, whilst some were not too nice. It is not unexpected, as people have the right to express themselves.

As a listen Governor, the H.E Ambode has acceded to some of the demands of the people, with the pronouncements made on Thursday 15th March, 2018 where the government granted further reliefs to home owners in Lagos State.

I have created this thread to speak on the valuation of all properties in Lagos, in order for proper assessment to be done and not based on estimate or over valuation.

The new reliefs

commercial property owners (Houses rented out to only tenants and Landlord does not stay there) the rate applicable on the assessed value in the 2018 LLUC is 0.76%. Now reduced by 50% to 0.38%

property occupied by owner and third party(Landlord and tenant staying together in the same compound)
and property used for industrial and manufacturing purposes (Your factory, warehouses etc) the rate applicable on the assessed value in the 2018 LLUC is 0.256%. Now reduced by 25% to 0.192%

Owner occupied property(Only Landlord staying in the house and no tenant) the rate applicable on the assessed value in the 2018 LLUC is 0.076%. Now reduced by 15% to 0.0646%

Why is the valuation important?
The valuation all properties in the state is very very necessary. It is important to have for home owners and the state government. The valuation is like a meter. Before you get charged, your energy consumption must be known to you and the electricity distribution company and you the consumer.

Instead of using any value for your property, the government has now agreed that all properties be valued by Professional Estate Surveyors and Valuers. Not local agents, but Registered Estate Surveyors and valuers certified by Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON).

The government would be responsible for the valuers, hence the home owners are not to pay the valuers a dime.
Note also, that there are valuers working for Lagos State government in the valuation office, however in order to be independent, the Lagos State government is not using internal valuers so that people would not accuse them of being biased. It is the professionals practising outside Government that would do the valuation.

The ministry of justice have lawyers under their employ, but when they have matters in court against anyone private lawyers like Rotimi Jacobs, Festus Keyamo, Mike Ezekhome, Barrister Ahamba etc are some of the lawyers that represent the government. See the case of Government vs Saraki. Rotimi Jacobs that's a private lawyer represented the MOJ at the CCT.

Valuers who are not under Government have been engaged to do the valuation. They're the popular names you already know.

After valuation what next?
After the valuation of all properties, the assessed values would be determined and the applicable rate would then be used to determine the Land Use charge for that calendar year.

The new rates are as follows
0.38% for a house that the owner doesnt stay there but collecting rents from tenants
0.192% for a house being occupied by landlord and tenants
0.0646% for a property being occupied by only the land lord.

See worked example below
Let's say a 3bedroom flat at LSDPC Dolphin Estate Ikoyi has just been valued at N25 million by the Estate Surveyor and Valuer and it is the owner that's staying in the house, see how much the owner would pay

Market Value - Relief= Assessed value * applicable rate = LUC for year 2018
25,000,000 - 13,750,000= 11,250,000* 0.0646%= N7,268 as LUC for year 2018.
See how the relief was calculated

Reliefs
1. 40% automatic relief on Market value
2. 10% for 25 years old Flat in the estate.
3. 5% for owner living in the house for more than 12 years

Total reliefs is 55% of Market value

In conclusion, you can now see that when you engage the professional valuer, everything would be well done.

God bless Nigeria
God bless Africa
Itesiwaju ilu Eko, lo je wa logun

So as not to forget the focus.

The valuation starts next week

Field officers would be going around the state in branded LASG vests and caps

They're are to capture data and do the valuation of your property free of liabilities from you.

All we solicit for is your cooperation

The exercise is for your own good, so there wouldn't be over valuation of your property

They're not civil servants but are working in the private sector like you and I

There not entering into to apartment or house, all they have to do is external details and measurement.

Time for inspection is 8:00am to 5:00pm Mondays to Friday for the next 6 months

We solicit your support

Attached image shows what should be made available

Moderators Seun, Mynd44, Mukina2 lalasticlala should help in creating this awareness

God bless us all

See how the enumerators would appear

Will the government pay the value of my house if it's above market value so I should just collect the money and pack out for them and build in mowe axis

Makawhizzy:
Will the government pay the value of my house if it's above market value so I should just collect the money and pack out for them and build in mowe axis

You're contradicting yourself. What do you mean by a value is above market value?
What is value? What is market value? You obviously don't understand.

Valuation is to determine the market value. Market value means a value determined based on market evidence.

Once that is determined it will serve as a basis to arrive at the assessed value.

davodyguy:

You're contradicting yourself. What do you mean by a value is above market value?
What is value? What is market value? You obviously don't understand.

Valuation is to determine the market value. Market value means a value determined based on market evidence.

Once that is determined it will serve as a basis to arrive at the assessed value.

Was that not how they valued one duplex in ikeja at half a million Naira

Makawhizzy:

Was that not how they valued one duplex in ikeja at half a million Naira

Well I don't know if that's true. But if it is true, then it is an issue. What these Valuations aims to correct is the incorrect values of properties.

Some properties were under valued already, whilst some are over valued. So it's a case of 'ehich side do you belong to.

Our work is to correct the errors, by ascribing actual values on all properties in Lagos.

If your property before was overvalued, we would correct it.

If your property before was undervalued, we would also correct it.

I trust Nigerians

If I am dissatisfied but the value placed on my property by the government-contracted valuer, am I at liberty to engage a registered Valuer to re-value the property?

If not? Both the valuer and the LASG would be dragged before the Land Use Charge Assessment and Appeal Tribunal and the registered Valuer I engaged would present his valuation to the court in furtherance of my case.

MrMcJay:
If I am dissatisfied but the value placed on my property by the government-contracted valuer, am I at liberty to engage a registered Valuer to re-value the property?

If not? Both the valuer and the LASG would be dragged before the Land Use Charge Assessment and Appeal Tribunal and the registered Valuer I engaged would present his valuation to the court in furtherance of my case.

The law allows for self assessment. Don't even wait for Government. Get a registered valuer on Monday to do the valuation for you, thereafter write a letter to Ministry of Finance then pay your LUC.

Government is valuing, you also can engage a valuer, so we can have two valuations to work with.

Both valuations must be objective
Mynd44, Seun your houses will also be valued beginning from next week. So be prepared

davodyguy:


The allows for self assessment. Don't even wait for Government. Get a registered valuer on Monday to do the valuation for you, thennwrite a letter to Ministry of Finance then pay your LUC.

Government is valuing, you also can engage a valuer, so we can have two valuations to work with.

Both valuations must be objective

Fair enough.

Nice!

MrMcJay:


Fair enough.

Nice!

Yes it is.

We're trying to create the awareness. This our moderators self. If it's BBNaija that's very irrelevant, such topics can make the home page 10 times in one day

emmycee:
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If you ever quote me again, lightening strike you.