Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State chapter, has pledged support for the revised Land Use Charge (LUC) law of the state.
Olurogba Orinmalade, chairman of Lagos NIESV, also hailed Governor Ambode’s gesture in slashing the new LUC for commercial properties by 50 per cent.
During a stakeholders’ meeting at Protea Hotels, Ikeja, Lagos, Orimalade described the Akinwunmi Ambode-led government in Lagos as a listening government and pledged his association’s support for other progressive decisions of the government.
The event was a meeting with professionals in the real estate sector.
“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 10 days, with directions, recommendations and position of the institution on the law in order to collaborate with the government for a better society.”
However, Nigerian Institute of Architects (NIA) called on government to carry stakeholders along in its dealings.
Ifeoma George, NIA vice president, at the meeting described Ambode’s administration as a listening government.
Akinyemi Ashade, the Commissioner for Finance, took the opportunity to further enumerate other reliefs in the amended LUC law.
He emphasised that the government was open to further discussions on how to solve the challenges plaguing infrastructural financing and investments in Lagos. He also mentioned that there would be no penalty for late payment in the 2018 regime as earlier stipulated.
The amended LUC 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 per cent discount, while a wholly owner-occupied property will get an additional 15 per centdiscount 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 per cent general relief across board, meaning that whatever is the value of the property, 40 per cent will be deducted and the charge will only be calculated on the remaining 60 per cent. For senior citizens above 70 years old, there is an additional 10 per cent discount. For those living with any form of disability, there is also 10 per cent discount, while properties that are 25 years old and above will also enjoy another 10 per cent discount. Above all, payments can be staggered across the year to soothe the economic convenience of the payer.
The commissioner also emphasised 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.
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.
To buttress this point, members of the Estate Agents Association (EAA) present pledged to partner with the state government in advising the landlords to speedily pay the new LUC.
The meeting also had in attendance professional bodies like Faculty of Estate Agency and Auctioneering, International Real Estate Federation, Association of Builders and Property Developers, and Association of Town Planners.