Lagos State Governor, Akinwunmi Ambode, has reduced the Land Use Charge which has generated a lot of controversy in the state since it was recently reviewed the rates upward.
At a press conference in Alausa, Ikeja, Lagos, on Thursday, Akinyemi Ashade, commissioner of finance said commercial property owners would get 50 percent discount. Owner-Occupier 25 percent, while there would be waiver for late payment and tax credit for those who are prompt in payment.
Payment in installment was also introduced in the new arrangement.
The hike had put charges on property solely occupied by the owner for a residential purpose will at the rate of 0.076 percent per annum. A property occupied by the owner and tenant(s) or third parties at 0.256 percent per annum, while investment property fully occupied by tenants or third party(ies) for revenue generation at 0.76 percent per annum.
The government took the decision to reduce charges after the pressure from individuals, pressure groups and civil society organisations (CSOs).