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Lagos Govt Reduces Land Use Charge

Lagos Govt Reduces Land Use Charge

The Lagos State Government has announced reduction in the Land Use Charge. The Commissioner for Finance, Akinyemi Ashade, while speaking at a Press briefing said that rate for commercial charges had been reduced by 50 per cent while, industries and manufacturial charges had been reduced by 25 percent.

He said the decision to reduce the rates was taken at the council meeting on Wednesday, which was chaired by Governor Akinwunmi Ambode. The Commissioner also disclosed that there is a waiver of all penalty and it applies to everyone.

While explaining a breakdown of the reduction, Ashade said for commercial property owners, a property valued at N20m for instance, which was earlier billed N91,200, would pay N45,600 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 N20m as against the earlier N30,720 based on the 25 per cent discount.

“On owner-occupied property valued at N20m, 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.

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March 16th, 2018

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