The signing into effect of the amended Lagos Land Use Charge Law, 2018 replaces the Land Use Charge Law, No. 11 of 2001. The charge is payable on all property except those exempted under Section 12 of the law. The exemptions include property owned and occupied by a religious body and used exclusively as a place of worship or religious education. Other exemptions include public cemeteries and burial grounds as well as property used as a registered educational institution certified by the commissioner of finance to be non-profit making, palaces of recognized traditional rulers in the state, and any property specifically exempted by the governor by notice published in the state official gazette.
MINI FLAT FOR RENT IN SURULERE
The new law further provides that exempted property becomes subject to land use charge if the use of such property changes to one that does not qualify for an exemption. The land use charge payable on any property is arrived at by multiplying the market value of the property by the applicable relief rate and annual charge rate. Below is a scenario computation of the Land use charge
Contents
Groups & Keys
The values are grouped into six namely: Details, Charge rates, Gross Land Use Charge value, Additional discount by Lagos State Government, Net Land Use Charge value per annum and Net Land Use Charge value per month. Letters of the alphabet are used as keys for each group. The keys are from letter A to R.
Details:
A represents property value
B represents general relief
C represents assessable property value
1 BEDROOM FLAT FOR RENT IN PORT HARCOURT
Charge rates:
D represents owner-occupied
E represents owner-occupied+commercial
F represents commercial only
Gross Land Use Charge value:
G represents owner-occupied
H represents owner-occupied+commercial
I represent commercial only
Additional discount by Lagos State Government
J represents owner-occupied
K represents owner-occupied+commercial
L represents commercial only
Net Land Use Charge value per annum
M represents owner-occupied
N represents owner-occupied+commercial
O represents commercial only
Net Land Use Charge value per month
P represents owner-occupied
Q represents owner-occupied+commercial
R represents commercial only
The formula for the keys
C= (A)x(1-B)
G=(C)x(D)
H=(C)x(E)
I=(C)x(F)
M=(G)x(J)
N=(H)x(K)
O=(I)x(L)
LAND FOR SALE IN LEKKI PHASE 2
P=(M)/12
Q=(N)/12
R=(O)/12
