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Minister of Finance, Colm Imbert, MP, said he has observed a “persistent campaign of deliberate misinformation regarding property tax in the public domain.”
In a Media Release today (Friday 29th December 2023), Minister Imbert said, “Despite many public clarifications, statements in Parliament, full-page advertisements, press releases and press conferences, there is still a misguided belief among some property owners that the Annual Rental Values stated in the Notices of Valuation sent out by the Valuation Division in 2023 are equivalent to the amount of the property tax that will be due and payable in 2024. This is not the case. These Notices of Valuation are NOT Property Tax Notices.” According to the Minister, Property Tax Notices will be sent out by the Board of Inland Revenue (BIR) in January 2024, “when it is hoped that the misinformation campaign will cease. It is to be noted that by law, only the Board of Inland Revenue can notify taxpayers regarding the amount of property tax they are required to pay, while the Valuation Division is solely responsible for determining the Annual Rental Value of properties to allow the BIR to calculate the property tax.” The property tax payable is, in fact, only 2.7% of the Annual Rental Value stated in the Notices of Valuation. So, if a residential property has been assessed at an Annual Rental Value of $60,000, the tax payable is $1,620 per year, or $135 per month. If a property has been assessed at an Annual Rental Value of $18,000, the tax payable is $486, or $40.50 per month. Minister Imbert added, “It should be noted that the property tax for more than 60% of all properties in Trinidad and Tobago will be between $486 per year ($40.50 per month) and $1,620 per year ($135 per month). To be clear, to understand what their annual property tax will be, property owners need to multiply the Annual Rental Value in the Notices they have received by 2.7%.” The Media Release concluded by saying, “Property owners should not allow mischievous persons to mislead them into thinking that the Annual Rental Values and the applicable property taxes are the same.” We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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