This followed the public outcry against the law.
Commissioner for Finance Akinyemi Ashade announced the reduction at a media briefing in Alausa, Ikeja, the state capital.
He said the review of the amended LUC Law 2018, which was received with mixed feelings, followed widespread dialogue with stakeholders, such as the organised private sector (OPS), the Nigeria Bar Association (NBA), real estate investors and developers, landlords and residents’ associations, community development associations, civil society organisations (CSOs), Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors and Valuers as well as several other professional groups.
Ashade said: “As a government that is committed to the welfare of its citizens and which understands the importance of continuously engaging the populace, the Lagos State government took this important decision for the good of the people.”
Giving a breakdown of the review, the commissioner said commercial property owners would be granted 50 per cent discount.
This means a commercial property valued at N20 million, which was earlier billed N91,200, will attract N45,600 per annum.
For properties occupied by the owner and a third party, and properties used for industrial and manufacturing purposes, a 25 per cent discount applies.
This means a N20 million property, which was expected to pay N30,720 before the review, will pay N23,040 per annum.
Also, owner-occupied properties will now enjoy 15 per cent discount; meaning that a N20 million property, which was previously charged N9,120, will now pay N7,752 per annum.
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