The Governor Akinwunmi Ambode led administration of Lagos State has announced a reduction in the rates to be paid through Land Use Charge.
The decision was reached at an executive council meeting which held on Thursday, March 15, 2018.
Announcing this at a press briefing in Alausa, the Commissioner for Finance, Akinyemi Ashade, said that rate for commercial charges had been reduced by 50 per cent while owner-occupier, industries and manufacturial charges had been reduced by 25 percent.
The Commissioner also disclosed that there is a waiver of all penalty announced before and it is across board.
Ashade said all those who have paid would enjoy tax credit, with the excess paid transfered to next year.
He also revealed that the state now allow installmental payment across board.
Before the new development, the government had reviewed the rates upward, charging property solely occupied by the owner for residential purpose at the rate of 0.076 percent per annum; 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.
It also threatened to penalise those who do not make payment after receiving notice. Failure to pay between 45 and 75 days attracted 50 percent increase; after 105 days, a 100 percent increase. The law prescribed that a property shall be liable to enforcement if payment is not made after 135 days of notice.