Lagos State Government has revoked the 2018 land use charge. This was announced by the Lagos Commissioner for Finance, Dr. Rabiu Olowo, in a press statement on Wednesday.
Olowo said the government reverted to pre-2018 land use charges. He said the land use charges for 2017, 2018, and 2019 have also been waived. According to him, the review is to reduce the financial pressure on Lagosians relating to land use.
The statement quoted Olowo as saying, “In 2018, there was an increase in Land Use Charge rate as well as the method of valuation of properties, this shock had a sporadic increase in Land Use Charge payable by property owners.
Read Also: TENANTS NOW TO PAY SIX PERCENT STAMP DUTY, SAYS FIRS.
“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 statement, made available by the state’s Commissioner for Information and Strategy, Gbenga Omotosho, added, “Penalties for Land Use Charge for Year 2017,2018 and 2019 have also been waived. This translates to N5,752,168,411.03 potential revenue waived by the State.
“In addition to the reintroduction of the 15 percent early payment discount, an additional COVID-19 incentive of 10 percent will be granted on the total amount payable. This makes the total discount for early payment 25 percent if payment is made before the due date.
“The penalty for obstruction of officials and damage to property identification plague has been reduced from N250,000 to N100,000. “The penalty for inciting a person to refuse to pay LUC has been reduced from N250,000 to N100,000.
“The 2020 LUC Law introduced a 10 percent and 20 percent special relief for Vacant properties and Open empty land, respectively.”