The Lagos State Government has
reviewed the 2018 Land Use Charge, LUC, Law and effect a reduction in the
annual charge payable by property owners in the state by 48 percent.
Former Governor of Lagos State,
Akinwunmi Ambode had reviewed the LUC in 2018 jacking it up, which led to
serious outcry from the public, but he later reduced it, but still on the high
side.
However, Commissioner for
Finance, Dr. Rabiu Olowo disclosed on Wednesday at a news conference in Ikeja
that the government had further reduced LUC by 48 percent.
Olowo said the government
considered the Land Use Charge reform very necessary to accommodate the
agitations of Lagosians and reduce the financial pressure on citizens as it
related to Land Use.
“As you are aware in 2018, there
was an increase in Land Use Charge rate as well as the method of valuation of
properties, this Twin shock had a sporadic increase in Land Use Charge payable
by property owners. In view of the aforementioned, the current administration
decided to review the Land Use Charge law by reversing the rate of Land Use
Charge to pre-2018 while upholding the 2018 method of valuation.
“The reform also considered
multiple Land Use Charge payment channels and efficient customer service
management by setting up a call centre (0700 LAGOS LUC) in other to ensure
prompt issue resolution,” he said.
Olowo stated that with the 48
percent reduction in the Annual Charge Rates, Owner-Occupied Residential
Property would now pay 0.0394% instead of 0.076%; while Industrial Premises of
Manufacturing Concerns will pay 0.132% instead of 0.256%.
Also, Residential
Property/Private School (Owner & 3rd Party) will now pay 0.132%0 instead of
0.256%, just as Residential Property (Without Owner in residence) will pay
0.394% as against the previous 0.76%, while Commercial property (Used by
occupier for Business Purposes) will pay 0.394% instead of 0.76% and Vacant
Properties and open empty Land, 0.0394% instead of 0.076%.
Details later…
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