Citizens urged to submit property tax forms by May 22
Government is moving ahead with plans to implement property tax, as citizens are being urged to submit their property valuation forms by May 22, 2017.
According to a statement issued by the Finance Ministry on Wednesday, all property owners are now required to complete a Valuation Return Form (VRF) in accordance with the Valuation of Land Act, Chapter 58:03 and return same, with supporting documents to the Valuation Division of the Ministry of Finance for the calculation of the property’s Annual Rental Value.
The Ministry says within the next week, residential property owners can expect to receive the VRFs in the mail.
Property owners can also collect VRFs from any office of the Valuation Division or the forms can be downloaded from the Ministry of Finance’s website at www.finance.gov.tt/propertytax.
VRFs should be submitted in a SEALED envelope to any of the eight (8) offices of the Valuation Division by Monday, May 22nd, 2017:
#206, Caroni Savannah Road, Charlieville, Chaguanas
Techier Main Road, Point Fortin
Port of Spain (Head Office)
#109 Henry Street, Port of Spain
#29 – 31, Point-a-Pierre Road, Palms Club Building, San Fernando
Cor. Brierley and Henderson Streets, Sangre Grande
Siparia Administrative Complex, High Street, Siparia
Caroline Building, #2 Hamilton Street, Scarborough
#25-27 Eastern Main Road, Arouca
Upon receipt of the completed VRF, the Commissioner of Valuation may notify property owners of field visits to assess and verify the information submitted on the forms.
The Ministry says based on this, after the process of submission by Property Owners of the Valuation Return Forms is completed, any field visits that are deemed to be necessary will be conducted.
Property owners would be required to make payment upon receipt from the Board of Inland Revenue of an Assessment Notice, which will be sent by post.
This notice will advise of the tax liability and the deadline date for payment.
Property Tax is governed by the Property Tax Act, 2009 and the Valuation of Land Act Chapter 58:03. The former repealed the Land and Building Taxes Act Chapter 76:04 and Part V of the Municipal Corporations Act Chapter 25:04. The Valuation of Land Act was substantially amended by Act No. 17 of 2009.
Prior to the Property Tax Act 2009, there was a dual system of property taxation in Trinidad and Tobago, under two categories:
1. The cities (Port of Spain and San Fernando) and the Boroughs (Arima, Chaguanas and Point Fortin) collected property taxes, known as House Rates, under the Municipal Corporations Act No. 21 of 1990.
2. The Lands and Building Taxes Act of 1920 empowered the Inland Revenue Division to collect property taxes for the remainder of the country.
The Ministry added that this regime for property taxation is not unique to Trinidad and Tobago, and aims to simplify the process for property owners and the Government.
They said other benefits of this new regime include:
- Uniform tax rates throughout the country
- Payment can be made at any District Revenue Office regardless of where the property is located
- Computerized Billing
- The online availability of Information on the Valuation process.
For further information, persons can visit the Ministry’s website, www.finance.gov.tt/propertytax or call the Property Tax Hotline at 612-9700 option #7.