Wednesday 14 November, 2018

Budget 2019: 10,000 homes assessed for property tax

Finance Minister Colm Imbert said approximately 10,000 houses have been assessed for property tax payments for 2018 to date. 

Speaking during Monday’s Budget presentation, Imbert said that government is making ‘substantial headway’ with the process of valuation for residential homes throughout Trinidad and Tobago.

“Despite the many legal hurdles…we are making substantial headway in establishing the long-envisaged property tax regime," he said. 

Imbert said the ‘anomalies’ associated with property tax legislation have since been corrected.

"We have been building capacity in the office of the Commissioner of Valuations with recruitment and training of field assessors and supervising of other technical personnel."

He said recruitment of additional staff is continuing in order to accelerate the pace of work, and that assessment of residential properties, which has commenced with field visits to approximately 10,000 residential properties to date.

He said the Valuation Division of the Ministry of Finance has been relocated to Barataria in the same location as field assessors to provide the necessary oversight.

He said accommodation for field assessors is being finalised.

"The plan is for the Board of Inland Revenue to issue notices to property owners for the payment of property tax in 2019," he said. 

Imbert assured that property tax will not be required to be paid on a retroactive basis.

Finance Minister Colm Imbert previously indicated that persons earning less than $3,500 per month would be eligible for a waiver on their property tax fees.

Other vulnerable persons such as pensioners and single mothers may also be eligible for a waiver on the tax. 

Other structures on one's property will also account toward the overall valuation. 

Property tax is payable in September each year, however, a moratorium on payments was extended to September 2018.

 

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