Lagos State Governor, Babajide Sanwo-Olu has cancelled the 2018 land use charge passed into law by his predecessor, Akinwunmi Ambode.
The State Commissioner for Finance, Dr Rabiu Olowo disclosed this at a press briefing on Wednesday.
The government also waived penalties for land use charge for 2017, 2018 and 2019.
Ambode had replaced the state’s Land Use Charge Law (LUCL) 2001 with Land Use Charge Law, 2018.
The amendment, according to the former commissioner for finance in the state, Akinyemi Ashade was aimed at increasing the state government’s internally generated revenue and expanding its tax base.
According to the law, a property solely occupied by the owner for residential purpose will be charged at a rate of 0.076 per cent per annum.
A property occupied by the property owner and tenant(s) or third parties will be charged 0.256 per cent per annum.
An investment property fully occupied by tenants or third party(ies)for revenue generation will be charged at 0.76 per cent per annum.
However, the law exempted senior citizens (70 years and above) who live in their own houses from paying Land Use Charge. The same applies to properties owned by religious and not-for-profit organisations where such properties are not profit-yielding
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