By Sue-Ann Wayow
PROPERTY tax assessments have been extended to July 21, 2024.
Finance Minister Colm Imbert in a media release on Friday advised of the extension.
The release stated, “This has become necessary to permit the Valuation Division to deliver Notices of Annual Rental Value (ARV) and make appropriate adjustments to ARVs where required and for the Board of Inland Revenue to deliver Revised Notices of Assessment for Property Tax (at the reduced rate of 2%) to residential land owners and occupiers not yet in receipt of same.”
The release comes just one week after a notice was published on the ministry’s website advising that amended property tax notices were currently being mailed out.
Imbert stated that as at Friday, over 198,000 ARVs and over 140,000 Revised Notices of Assessment for Property Tax were dispatched through TTPost for delivery to residential land owners and occupiers.
Further, pursuant to Legal Notice No. 48 of 2024, residential land owners and occupiers who meet the requirements under the Property Tax Act may apply to the Board of Inland Revenue for deferral of Property Tax .
The public is also reminded that pursuant to the Property Tax (Amendment) Act, 2024, the rate of Property Tax was decreased from 3% to 2%.
