Lagos State Authorities has revoked the 2018 Land Use Cost (LUC).
It was applied by former Governor Akinwunmi Ambode.
Commissioner for Finance, Rabiu Olowo, made the announcement on Wednesday.
He mentioned the federal government reverted to pre-2018 land use costs.
The land use costs for 2017, 2018, and 2019 have additionally been waived.
In response to criticisms, the Ambode administration lowered the fees.
Final December, the Lagos State Home of Meeting amended the legislation.
This was after the Advert Hoc Committee, chaired by Rotimi Olowo, offered its report.
Olowo mentioned stakeholders at a public listening to agreed that the rise was arbitrary and urged Lagos to revert to the established order of the 2017 LUC.
They demanded that vacant plot of land and unoccupied properties be exempted from the LUC liabilities.
The report mentioned in Part 1(2), “Pensioner” ought to be redefined to incorporate all retirees resident in Lagos from federal, state establishments, and from each personal, company organizations within the state.
It mentioned increment referred to in sub-section (1) ought to be renewable each 10 years and that the property proprietor is liable to pay the LUC of any taxable property.
The report posited that for Part 17(c) (i), there was no want for 50 % fee by an aggrieved homeowners over disputed costs earlier than their eligibility to enchantment.
It authorized that aggrieved residents/homeowners pay the previous yr’s costs whereas the disputed costs are being resolved.
The report really helpful correct classification of economic and residential properties Lagos for the aim of levying costs.
It additional really helpful 20 % improve from the charges chargeable earlier than the repeal of the LUC Regulation Ch. L79 2015.