Category: Property Tax

Property Tax

OBJECTIONS

 

The Taxpayer may object within thirty (30) days after the valuation notice has been mailed out.

 

DEFINITIONS

¨ Accommodation use property

Property used for short term accommodation ; & includes guest house under the Hotel Accommodation Restaurant Tax Act, No. 1 of 1992.

¨ Commercial use property

Commercial property which does not include accommodation use property or property used for certified farming operations.

¨ Market Value

This is the amount for that a property owner could collect if their property was sold.

¨ Property Tax Ordinance

An ordinance to provide for the modernization of property tax,  the exemption of certain properties from valuation & taxations, property valuation procedures, the payment and recovery of taxes and other related matters.

¨ Property Tax
Also referred to as an “ad valorem tax”( which is Latin for “according to value”), is a tax imposed, based on the value of property.

¨ Valuation List

A document that records the market value of each property.

 

 VALUATION CLASSES

Class 1– Residential

Class 2– Commercial

Class 3– Accommodation

Class 4– Certified farming

Class 5– Institutional

 

EXEMPTIONS

The sum of EC$ 80,00.00 is deducted  each year, from the value of a residential building. The remaining assessed value is then multiplied by the applicable rate as outlined on the following page.

Exemption of new improvements (building)

 during construction.

Improvements (Buildings) are exempt from valuation and taxation while they are under construction, until the new building is  capable of being occupied


The following properties are fully exempted from valuation and taxation:

1. Government

2. Statutory body

3. Religious body

4. Private burial grounds

5. Cemetery

6. Conservation land

7. Heritage property

8. Property for charitable purposes

9. Non-profit, benevolent or philanthropic organizations

10. Institutions

11. Consulate or diplomatic mission

12. Property to the extent that it is exempted from property tax by or under any other law.

 

Market Valuation Methods:

The Sale Comparison Method– this is a comparison of the sale price of the property, with recent sales at market value of the property.

 

Cost Approach– the amount a person pays for the construction of a property.

 

The Income Approach– this is used for large buildings, where the income of that building is used to calculate the market value.

 

Due Date for Tax Payments

The tax in a financial year is due and payable on or

before June 30, of each year.

However, property taxes for 2008, ONLY, are due by

SEPTEMBER 30, 2008.

 

INTEREST & PENALTIES

Failure to comply with the due date (s) above, will result in a late payment fine of 1% per month.

 

 

OBJECTIONS

 

The Taxpayer may object within thirty (30) days after the valuation notice has been mailed out.

 

 

 

Purposes of the Property Tax Revenue

To provide the public with important services such as:

1)Health Care

2) Education

3) Crime prevention measures

4) Infrastructural Development

5) Affordable homes

6) Fire Services and

7) Youth Development

 

 

 

 

 

 

 

Property Tax Rates

RATES

Each class of property has two separate rates which are as follows:

Class
Improvements (Building) Land
Residential 0.156% 0.075%
Commercial 0.3%0.2%
Accomodation 0.3% 0.2%
Certified Farming 0% 0.01%
Institutional 0.2% 0.15%

 

Class

Improvement

(Building)

Land

1-Residential

0.156%

0.075%

2-Commercial

0.3%

0.2%

3-Accommodation

0.3%

0.2%

4-Certified Farming

0.0%

0.01%

5-Institutional

0.2%

0.15%

 

Back to top