Homeowners in Lagos have until November 30 to submit requests for a reduction in IMI on rented urban buildings.
«The Council of Lagos approved a 20% reduction in the rate to be applied to urban properties leased exclusively for housing and located in the municipality area. This tax benefit is not automatic, and it is therefore mandatory that owners interested in taking advantage of it submit an application to the local authority», illustrated the local authority in Lacobrigense.
According to paragraph 7 of article 112 of the IMI Code, “municipalities, upon deliberation of the municipal assembly, may define territorial areas corresponding to parishes or delimited areas of parishes and set a reduction of up to 20% of the rate in force in the year to which the tax to be applied to leased urban properties is concerned”.
It is up to each City Council to decide whether or not to apply the reduction and the percentage of discount, which cannot exceed 20%.
«For this reduction to be applicable, the property subject to the tax must be subject to a lease for residential purposes only, duly registered with the Tax Office for the area of the building in force and valid for the year of the intended benefit. It is also up to the municipality to decide whether the discount applies throughout the municipality, whether it is limited to some parishes or whether the respective value is different between parishes», said the Câmara de Lagos.
The proposal in question was approved at the Chamber Meeting on September 18th and at the Municipal Assembly on September 30th.
Anyone who wants to submit a request for a reduction can access the form here.
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