This study examined the effects of land use planning on property values in Lagos. The target populations for the study were the practicing Estate Surveying and Valuation firms in Lagos. Structured questionnaires were administered to the respondents and the results were analysed using descriptive statistics, weighted mean score, Trend Analysis, ANOVA, T-test and regression analyisis. The study revealed that the major land use planning and policy tools used and implemented in Lagos are building permit/ approval, zoning, land use charge, town ordinances and building codes. The study also revealed that inadequate implementation, inadequate monitoring and evaluation; cost of compliance with planning and development standards, inadequate access to residential land and existing land use pattern and master plan were the major challenges of land use planning and policies in Lagos.