October 18, 2018

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Lagos to maintain slashed LUC rates (BusinessDay)

Lagos to maintain slashed LUC rates (BusinessDay)

It is not likely that Lagos State government will further review downwards the rate applicable to commercial property in its 2018 Land Use Charge (LUC) law.

The LUC is a consolidation of ground rent, tenement rate, and neighbourhood improvement levy. Thus, the tenement rates law, the land-based rates law, the neighbourhood improvement charge and all other similar property rates or charges, laws or amendments to any such property laws cease to apply to any property in the state as from February 2018. A source, which craved anonymity, told BusinessDay that the state government was not considering a further reduction in the LUC rates after it was forced to slash the original rates, but waiting for the Lagos State House of Assembly to give legal teeth to the already reviewed rates. “The LUC and the rates applicable to commercial property or any other property mentioned in the law is not meant to serve the government. Rather, it is a law that the state government believes will enable it serve Lagosians better by building the necessary infrastructure. Read more

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