Applications may be submitted until 30 November.
Homeowners in Lagos have until 30 November to submit applications for IMI reduction (property levies) on rented apartments and houses.
„The Municipality of Lagos has decided on a 20% reduction in the rate for residential real estate rented exclusively for residential purposes and located within the municipality. This tax reduction is not automatically applicable, so it is imperative that owners who are interested submit an application to the municipality,“ the municipality explained.
Article 112(7) of the JCC Law provides that „municipalities may, by decision of the municipal assembly, define territorial areas corresponding to parishes or demarcated areas of parishes and fix a reduction of up to 20% of the rate in force in the year to which the tax applicable to rented urban land relates“.
It is up to each municipal council to decide whether or not to apply the reduction and what the percentage of the discount is, which may not exceed 20%.
„For this reduction to be applicable, the immovable property subject to the tax must be the subject of a rental agreement for residential use only, duly registered with the financial department of the building area in force and valid for the year in which the service is to be provided. It is also up to the municipality to decide whether the discount is valid throughout the municipality, whether it is limited to a few municipalities or whether its value varies between municipalities,“ said the Lagos City Council.
The proposal in question was adopted by the Mayoral Assembly on 18 September and by the Municipal Assembly on 30 September.
If you would like to apply for a discount, you can access the form here.