The Lagos Municipal Chamber proposed and the Municipal Assembly approved the fiscal package for 2027, which aims for tax justice, support for families, housing promotion, and stimulation of the local economy. Measures include maintaining the IMI tax at the legal minimum of 0.3% for urban buildings, a 20% reduction in IMI for properties rented for permanent housing, the non-application of the variable rate on IRS, and exemption from derrama for companies. The IMI exemption for two more years, applied since 2025, will also be guaranteed.
In a context of rising cost of living, the municipality is maintaining these measures to mitigate expenses, support consumption, and strengthen savings and investment capacity. The IMI tax will remain at 0.3%, representing a revenue loss of 6.7 million euros for the municipality, while for rustic land it will be 0.8%. Properties in urban rehabilitation areas will receive a 30% reduction in IMI, but vacant or ruined properties will face an increase.
The 20% reduction in IMI for urban properties rented for permanent housing continues, requiring an application to the Municipal Chamber between October 1st and November 30th. The Family IMI, with fixed reductions of €30 (one dependent), €70 (two dependents), and €140 (three or more dependents), is expected to benefit approximately 2,300 families.
The IMI exemption for two more years will be extended, postponing tax payment for owners who meet conditions such as dedicating the property to primary and permanent residence, a patrimonial value up to 125,000 euros, and a gross annual household income not exceeding 153,300 euros.
The municipality is waiving its share of the variable IRS rate, meaning it will not collect its portion of the 2027 income, allowing more income to remain available for families. Companies will benefit from the decision not to levy derrama on taxable profit in 2027, a measure in place since 2022, representing a revenue waiver of approximately 1.9 million euros.
The Municipal Fee for Rights of Way (TMDP) for electronic communications companies will be maintained at 0.25%.
