Earlier in January the Lagos State House of Assembly on Monday passed the Land Use Charge into law to improve the economy of the state.
The law which was reviewed by the Lagos state House of Assembly and signed into law by Governor Ambode on Febrauary 8 was a merger of all Property and Land Based Rates and Charges in the state.
Below are the 7 things you should know about the Land Use Charge.
1. The law that backed up the Land Use Charge was enacted in 2001.
2. The Lagos state Land Use Charge (LIC) is a consolidation of all property and land based rates and charges payable under Land Rates and Tenement Rates laws of Lagos state.
3. The lwa is been developed to help the government get additional revenue.
4. Properties which are exempted from the operation are government owned properties and other properties used for public or charitable activities.
5. The exemption will only be approved if it is made to the Lagos state Commissioner of Finance.
6. The Land Use Charge is an annual tax which is payable from the first day of every new year.
7. Refusal to comply with the provision of the lawa will attract a fine of two hundred and fifty thousand naira only (N250,000) or imprisonmnet of a period of three months or even both as the case may be.
