Breaking: Lagos State Releases Details Of Reduced Land Use Charge
The state government a few hours ago, announced that it has resolved to reduce the land use fee after so many pressure arising from the publics and stakeholders.
The reviewed land fee has it that payment of LUC can be done installmentally claiming it would relieve house owners the burden of paying the amount once.
The state government announced 50% discount for commercial property owners while private property owners and ones used for industrial activities were given 25% increase.
“Commercial Property Owner, who are undoubtedly the stakeholders mostly impacted by this amended Law will be granted 50% discount. This means a commercial property valued at N20M which was earlier billed N91,200.00 will now pay N45,600.00 per annum.”
“Property Occupied by Owner and Third Party & Property Used for Industrial and Manufacturing Purposes: These categories of property will enjoy 25% discount. This means that a N20Million property expected to pay N30,720 will now pay N23,040 per annum.”
Also, property occupied by owners were given 15% discount off the reviewed land use fee. This category of property will enjoy 15% discount. For a N20 Million property, this used to be N9,120 now, it is N7,752 per annum.
The state government added that other rates and reliefs remain unchanged & will be implemented as stipulated by Law. These include 40% general relief, 10% for 70 years and above, 105 for properties owned by persons living with disability and 10% for properties that are 25yrs
It also revealed that penalty for late payment has been waived and those who have paid the fee allocated to them would enjoy tax credits.
“The penalty regime for late payment of LUC has been waived completely. Therefore, LUC payers who have received their bills will no longer be penalized for late payment of bills issued in 2018, thereby providing additional relief to LUC payers.” The state government expressed.