The Commissioner for Finance, Dr Rabiu Olowo, said this on Wednesday in a statement titled ‘Speech delivered by the honourable commissioner for finance at a press briefing on the 2020 new land use charge law.’
He also said it was waiving the penal fees for 2017, 2018 and 2019, which translate into N5.75bn.
Olowo recalled that in 2018, there was an increase in land use charge rate as well as the method of valuation of properties, which increased the charge payable by property owners.
“In addition to this, there is also a 48 per cent reduction in the annual charge rates,” he said.
Explaining further, he said owner-occupied residential property was reduced from 0.076 per cent to 0.0394 per cent; industrial premises of manufacturing concerns, from 0.256 per cent to 0.132 per cent; and residential property/private school (owner and third party, from 0.256 per cent to 0.132 per cent.
The commissioner said commercial property (used by the occupier for business purposes) was reduced from 0.76 per cent to 0.394 per cent; and vacant properties and open empty land, from 0.076 per cent to 0.0394 per cent.
The annual charge rate for agricultural land was reduced by 87 per cent from 0.076 per cent to 0.01 per cent, he said.
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