JUST IN: LASG releases new breakdown of reviewed Land Use Charge
The Lagos State governor Akinwunmi Ambode has bowed to pressure from citizens by announcing the reduction of the controversial Land Use Charge.
The governor’s decision to increase the tax rates has been met with fierce criticisms, as well as protests.
Under the newly reviewed Land Use Charge, Ambode has said commercial property owners, whom he regarded as the stakeholders mostly impacted by the amended law, will be granted 50% discount; This means that a commercial property valued at N20million which was earlier billed N91,200 will now pay N45,600 per annum.
Likewise, properties occupied by owners and third parties, and those used for industrial and manufacturing purposes will enjoy 25% discount; This means that a N20million property expected to pay N30,720 will now pay N23,040 per annum.
For an owner-occupied property, a 15% discount has been confirmed, meaning that a property valued at N20million and was expected to pay N9,120 annually will now pay N7,752.
Ambode said the penalty that was initially pronounced for late payment of the Land Use Charge has been waived completely.
Therefore, property owners who have received their bills for 2018 will no longer be penalised for late payment.
The state government also said property owners across all categories will now be allowed to make payments by installments to “ease the burden”.
Also, those who have paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried forward to next year.
