Attention...!!! Important Information For All Land Owners In Lagos, Nigeria.
•Land Use Charge Law Of 2018: Kindly take time to read through as this is very important information in securing your Real Property now and in future. Things You Need To Know What is Land Use Charge (“LUC”)? • Land Use Charge (“LUC”) is a Lagos State property tax backed by the Land Use Charge Law of 2018. • LUC is a consolidation of ground rent, tenement rate, and neighbourhoodimprovement levy. Is LUC a new form of tax? • LUC is not a new form of tax. • The Law backing LUC was first enacted in 2001. What is LUC based on? LUC shall be payable in respect of all real estate property situated in Lagos State (“the State”). What was the rationale for repealing and re-enacting the LUC Law? • The LUC Law was repealed and re-enacted to address some identified challenges which include: 1. Lack of clarity on the LUC formula to support self-assessment; 2. Obsolete rates which had not been reviewed in over a decade; 3. Need to improve LUC administration e...