Lagos State has reversed the land use charge to what was paid prior to 2018 and waived the penalty for defaulters between 2017 and 2019.
He said the reduction translated to a N5.6 billion revenue loss for the government.
The law reduced penalty for defaulters from 25/100 per cent to 10/50 per cent, and a 48 per cent reduction in charges for different property.
A statement by Olowo reads: “The annual charge for agricultural land was reduced from 0.076 per cent to 0.01 per cent.
“The government also re-introduced the 15 per cent early payment discount, and an additional 10 per cent COVID-19 incentive on the amount payable. This makes the discount for early payment 25 per cent if payment is before due date.
“Unlike in the 2018 law, pensioners now include retirees from private and public institutions or any person that has attained the age of 60 and has ceased to be actively engaged in any activity or business for remuneration. Their properties are also exempted from land use charge.
“Profit-oriented cemeteries, burial grounds and private libraries are no longer exempted from land use charge.
“We have completed the LUC Reform process and review of bills. Property owners should expect their 2020 LUC bills and we expect property owners to leverage on the 25 per cent early payment discount.
“Payment can now be made online via https://Lagos.ebs-rcm.com or through the USSD code of any of our banks – Fidelity – *770*1*7# or *770#, Ecobank – *326#, and Unity Bank -*7799*302#.”