The Government announced this at an ongoing press briefing by Commissioner for Finance, Dr. Rabiu Olowo.
The government also waived penalties for land use charge for 2017, 2018 and 2019, which according to the Commissioner translates to a loss of revenue amounting to N5.6bn.
Former Governor of Lagos State, Akinwunmi Ambode had reviewed the LUC in 2018 jacking it up, which led to serious outcry from the public, but he later reduced it, but still on the high side.
However, Commissioner for Finance, Dr. Rabiu Olowo disclosed on Wednesday at a news conference in Ikeja that the government had further reduced LUC by 48 percent.
“As you are aware in 2018, there was an increase in Land Use Charge rate as well as the method of valuation of properties, this Twin shock had a sporadic increase in Land Use Charge payable by property owners. In view of the aforementioned, the current administration decided to review the Land Use Charge law by reversing the rate of Land Use Charge to pre-2018 while upholding the 2018 method of valuation.
“The reform also considered multiple LandUse Charge payment channels and efficient customer service management by setting up a call centre (0700 LAGOS LUC) in other to ensure prompt issue resolution,” he said.
Olowo stated that with the 48 percent reduction in the Annual Charge Rates, Owner-Occupied Residential Property would now pay 0.0394% instead of 0.076%; while Industrial Premises of Manufacturing Concerns will pay 0.132% instead of 0.256%.
Also, Residential Property/Private School (Owner & 3rd Party) will now pay 0.132%0 instead of 0.256%, just as Residential Property (Without Owner in residence) will pay 0.394% as against the previous 0.76%, while Commercial property (Used by occupier for Business Purposes) will pay 0.394% instead of 0.76% and Vacant Properties and open empty Land, 0.0394% instead of 0.076%…2018 Land Use Charge