Lagos State Governor, Babajide Sanwo-Olu, has introduced a new tax policy requiring property owners in Lagos to pay an annual charge, often referred to as “house tax” or “property tax.” This tax is based on the value of their properties.
The Lagos State Property Tax Law aims to generate revenue for the state’s infrastructure development and public services. The tax rate varies depending on the property’s location, size, and value.
Here are key points about the tax:
1. Taxable properties: Residential and commercial properties, including apartments, houses, and commercial buildings.
2. Tax rates: Range from 0.076% to 0.24% of the property’s value, depending on location and type.
3. Payment: Annual payment, due by January 31st.
4. Exemptions: Properties owned by religious organizations, educational institutions, and government agencies.
Landlords are obligated to pay this tax on their properties, which may be passed on to tenants. However, it’s essential for property owners to consult with tax professionals or relevant authorities to understand their specific obligations.
Reactions to the tax vary among Lagos residents, with some expressing concerns about increased financial burdens and others seeing it as a necessary measure for infrastructure development.
