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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%

 

NEVLEC

The Nevis Electricity Company Limited is the sole provider of electricity on the island of Nevis. The company, which opened its doors on September 1, 2000, is a fully owned subsidiary of the Nevis Island Administration. NEVLEC began its operation with the aim of providing quality electricity service to the island of Nevis. Since then, we have grown tremendously in power generation, transmission and distribution, and in the level of service we provide to our customers.

Spearheading the company’s efforts were Mr. Earle Kelly – first Chairman of the Board of Directors, Mr. Russell Tyson – first General Manager, Mr. Lindolph Murray – first Generation Engineer, Mr. Cartwright Farrell – first Transmission & Distribution Manager and Ms. Maureen Webbe – first Customer Service Manager.

In the year 2002, NEVLEC moved its Administrative Office from Charlestown to a more suitable location at the Pinney’s Commercial Site. In that very same year, we saw the expansion and construction of the already existing Power Station. Upon completion in 2003, we commissioned our first Wartsila generator, which is also the largest and most reliable generating set we have to date. This marked the begining of a new era for the Nevis Electricity Company Limited as it is with this engine that we have been able to improve and maintain the level of efficiency in electricity generation over the last three years.

With the desire to continually exceed customers’ expectations and improve the quality of service provided to our valued customers, NEVLEC took things to another level. In 2005, new Billing and Accounting Systems were introduced to further assist our already competent staff in performing their duties to our valued customers. The Emergency Operations Service was also implemented with our customers in mind. A Strategic Alliance was formed with our CARILEC counterpart Lucelec, and several members of staff have benefited greatly affiliation.

Nevlec is now living up to its motto of working towards a brighter future for all of its valued customers.

Website: www.nevlec.com

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