Land Use Charge: Real Estate sector stakeholders hail 50% reduction by LSG

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Honorable Commissioner for Finance, Lagos State, Mr. Akinyemi Ashade; Chairman, The Nigerian Institution of Estate Surveyors and Valuers, (NIESV) Lagos Branch, Mr. Olurogba Orimalade; Vice-Chairman, Nigerian Institution of Surveyors, Mr. Kolade Kasim; Practice Committee Chairman, Nigerian Institute of Architects, (NIA), Lagos Chapter, Arc. Ifeoma George-Ufot at a stakeholders’ meeting with professionals in the Real Estate sector on the newly enacted Land Use Charge Law, held on Thursday, March 15, 2018 at Protea Hotel, GRA, Ikeja, Lagos.

Chairman of The Nigeria Institution of Estate Surveyors and Valuers (NIESV), Lagos State Chapter, Mr. Olurogba Orinmalade, on Thursday in Lagos hailed Governor Ambode’s gesture in slashing the new Land Use Charge for Commercial properties by 50%.

At a stakeholders meeting held at The Protea Hotels, GRA, Ikeja, Lagos, Mr.  Orimalade

described the Ambode led government as a listening government and  pledged his association’s support for the new law and all other  progressive decisions of the government going forward.

In his words, “we are committed to working with the present Lagos State administration to  make the new law succeed and we have already set up a technical committee to come up in ten days, with directions, recommendations and  position of the Institution on the law in order to collaborate with the  government for a better society.”

Arc. Ifeoma George, Vice President Nigeria Institute of Architects, said  at the meeting that “this is a listening government and propose that  stakeholders should continue to be carried along in all government  dealings, going forward “. The event was a meeting with professionals in  the real estate sector.

The commissioner for Finance, Lagos State, Mr. Akinyemi Ashade, took the  opportunity to further enumerate other reliefs entailed in the amended  Land Use Charge Law.

Special Adviser to the Lagos State Governor on Taxation &
Revenue, Mr. F.O Lasisi; Honorable Commissioner for Finance, Lagos
State, Mr. Akinyemi Ashade; Chairman, The Nigerian Institution of Estate
Surveyors and Valuers, (NIESV), Lagos Branch, Mr. Olurogba Orimalade;
Vice-Chairman, Nigerian Institution of Surveyors, Mr. Kolade Kasim at a
stakeholders’ meeting with professionals in the Real Estate sector on
the newly enacted Land Use Charge Law, held on Thursday, March 15, 2018
at Protea Hotel, GRA, Ikeja, Lagos.

He emphasized that the state government was opened  to further discussions on how to solve the challenges plaguing  infrastructural financing and investments in Lagos State.

He also  mentioned that there will be no penalty for late payment in this 2018  regime as earlier stipulated. Furthermore, the amended Land Use Charge  Law is a property tax that consolidates the tenement rate, Neighbourhood  Improvement rate, and Ground rent.

Outside of the commercial properties, properties occupied by owners and  third party used for commercial purposes will get a further 25%  discount, while a wholly owner-occupied property will get an additional  15% discount as graciously pronounced by the government.

In addition to  these, all the other reliefs enumerated at the inception of the amended  law remains valid. These include 40% general relief across board,  meaning that whatever is the value of the property, 40% will be deducted  and the charge will only be calculated on the remaining 60%.

For elder citizens above 70years old, there is an additional 10% discount. For  those living with any form of disability, there is also 10% discount  while properties that are 25 years old and above will also enjoy another  10% discount. Above all, payments can be staggered across the year to  soothe the economic convenience of the payer.

The Commissioner also emphasized that self-assessment of property will  be encouraged to help individuals calculate their charges appropriately.

They are allowed to use their independent Estate Valuers to assess their  property and bring such discrepancies up to the government for  reconciliation.

The state government according to Mr. Ashade, the  Commissioner for Finance, is opened to discussions and ever willing and  ready to dialogue on the Land Use Charge Law or any other government  policy for that matter.

Everyone present at the meeting agreed and fully appreciated the  unparalleled efforts of the state government in turning around the  infrastructural fortunes of the state. They pledged their loyalty and  support to the government’s efforts towards the Lagos Mega City Drive.

A cross-section of Stakeholders’ at the event.

To buttress this point, members of the Estate Agents Association  present, pledged to partner with the state government in advising the  landlords to speedily pay Land Use Charge.

The stakeholders meeting had in attendance professional associations and  bodies like Nigeria Institution of Estate Surveyors and Valuers (NIESV),  Faculty of Estate Agency and Auctioneering, International Real Estate  Federation, Nigerian Institute of Architects,  Association of Builders &  Property Developers, and Association of Town Planners and Estate Agents.

 

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