Lagos State reduces Land Use Charge rates by 50%, allows installmental payments

LAGOS - The Lagos State Government has bowed down to pressure from stakeholders and the public and has reviewed and reduced the charges of the recently introduced Land Use Charge. 

The new LUC fee sees a 50% reduction in the for Commercial properties and 25% for private and those used for Industrial activities. 

A Government statement said: “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.” 
The reviewed LUC fee also allows the payments to be made installmentally, while the penalty for late payment has been waived. Properties occupied by owners were also given a 15% discount off the Land Use fee. 
This comes after the initial release of the figures for the Land Charge, which saw many stakeholders up in arms and a uproar from residence about the exorbitant nature of the fess.