The state Commissioner for Finance, Rabiu Olowo, announced this at a press briefing which held today, August 5.
Mr Olowo said the government is also reverting to pre-2018 land use charges, adding that the state government has decided to waive the land use charges for 2017, 2018, and 2019 which is totaled at N5.6 billion.
In 2018, the immediate past governor of the state, Akinwumi Ambode, increased the charge on a property solely occupied by the owner for residential purpose to 0.076 percent per annum from 0.0394 percent. The rate for an investment property fully occupied by tenants or third party(ies) was increased from 0.394 percent per annum to 0.76 percent.
However, after many residents opposed the increment, the rate for commercial properties was reduced by 50 percent and 25 percent for owner-occupiers.
Today, the state government said the state will be reverting to the old land use charges before Ambode increased it.