Property Tax in Trinidad & Tobago

[adnj]

You could get from $20g to $40 g per month depends on what and where you build. It could range from 1br apts ,2br apts, townhouse ,commercial units or a warehouse.

What is your opinion of the reasonable costs to acquire land and construct; let's say a similar 8 unit building with average rentals of $3500/unit/month?

[rspann]

If you get a plot of land reasonable in almost any area ,you can spend $2-2.5 m overall and pull those figures.In these times no financial institutions give any meaningful returns on your capital,so it's a very good option, plus, it's one of the things you don't have to work at for the whole month to get a decent return.
You will never be short of prospective tenants, there are people who will never qualify or even try to get a mortgage and will always rent.
When young people get a job and want independence ,the time it takes to acquire a home of their own, is often spent renting. The higher earners will go towards owning property as soon as is practicable ,but the middle and lower income earners take longer so there is always a market.
If you put up a decent apt for rent , it goes in days. Any area. Once you screen them properly and set out proper terms and conditions, you are hardly likely to encounter problems that cannot be solved easily.

[adnj]

The reason that I asked is so that I could compare to some other places. In my experience, the typical return on investment for rental property is between 5% - 10%. That would be the possible amount of rent collected in a year less 10% for vacancies, less 10% for repairs, less taxes and less insurance. That will put you right in near 10% range for a property that you worked hard to do right at a reasonable cost.

There seems to be a lot of room to buy or build and rent while still being profitable in Trinidad and Tobago... And If you have the cash to make the purchase.

[rspann]

If you choose the right area, you could omit the 10% vacancy, and if you build properly using the right material and fittings, you could omit the 10% for repairs too. The most I have to do is to replace a tap or water heaters, maybe an electrical outlet or light receptacle every now and then. Insurance is a very low cost because it's only the building not the overall value of the property,so basically it's mostly taxes .

[The_Honourable]

If you get a plot of land reasonable in almost any area ,you can spend $2-2.5 m overall and pull those figures.In these times no financial institutions give any meaningful returns on your capital,so it's a very good option, plus, it's one of the things you don't have to work at for the whole month to get a decent return.
You will never be short of prospective tenants, there are people who will never qualify or even try to get a mortgage and will always rent.
When young people get a job and want independence ,the time it takes to acquire a home of their own, is often spent renting. The higher earners will go towards owning property as soon as is practicable ,but the middle and lower income earners take longer so there is always a market.
If you put up a decent apt for rent , it goes in days. Any area. Once you screen them properly and set out proper terms and conditions, you are hardly likely to encounter problems that cannot be solved easily.

[adnj]

Even with full occupancy, little to no maintenance, a great location, and being able to build with little to no cost overrun or wastage; a property owner can expect a capitalization ROI of around 15%. That is not unreasonable ROI which means that rents in Trinidad are at least "fair" and are not overpriced at all.

[rspann]

Even with full occupancy, little to no maintenance, a great location, and being able to build with little to no cost overrun or wastage; a property owner can expect a capitalization ROI of around 15%. That is not unreasonable ROI which means that rents in Trinidad are at least "fair" and are not overpriced at all.

Agreed. The added benefit is that when you spend ,the property automatically has a higher value than the investment.

[Redman]

Despite the critics....a reasonable, transparent,well communicate d and administered tax structure encourages investment and capital injections

With that structure in place capturing all taxes due...May very well enable a govt to reduce the tax rates.

Those that continue to think in the PNM/UNC paradigm really short sighted.

[EFFECTIC DESIGNS]

It have some abandoned land where my small coconut estate is. I wonder if with this new Tax these people might end up selling it out?

If that happen it go be real good, it is these empty lands that abandon and full of bush is why these renters up here are mining cow and goat. If those lands didn't have grass on it he would ah have to carry them animal far away from me and I won't have to deal with him and his animals eating my trees.

I hope them people decide to sell out their land to someone who can build a house on it or plant it because is 40 years these land abandon up here and the owners do not even live in the country, nobody doh even cut the grass self if you see the size of them grass a bandit or a rapist could be hiding in that bush and you wouldn't know. I hope the government seize it and sell it to someone who will do something with it which will solve the problem for me and a lot of folks who live around here.

[drchaos]

It have some abandoned land where my small coconut estate is. I wonder if with this new Tax these people might end up selling it out?

If that happen it go be real good, it is these empty lands that abandon and full of bush is why these renters up here are mining cow and goat. If those lands didn't have grass on it he would ah have to carry them animal far away from me and I won't have to deal with him and his animals eating my trees.

I hope them people decide to sell out their land to someone who can build a house on it or plant it because is 40 years these land abandon up here and the owners do not even live in the country, nobody doh even cut the grass self if you see the size of them grass a bandit or a rapist could be hiding in that bush and you wouldn't know. I hope the government seize it and sell it to someone who will do something with it which will solve the problem for me and a lot of folks who live around here.

Start squatting on it, claim you have been there for 14 years already.

[matr1x]

By signing that document, you are entering an agreement with the government that gives them rights to your property that will turn your boxers brown.

Did I mention the tactics they using with hdc?

[sMASH]

As the recognized government if this island, they already have that leverage.
This document just extends that power to use valuation as another legally recognized cause to invade ur privacy.


That is one of the things of this property tax I wanted changed... to not permit entry into the confines and privacy of ones personal abode.
Check out the land, and the structure from the outside.

[sinister_14]

[RedVEVO]

If you get a plot of land reasonable in almost any area ,you can spend $2-2.5 m overall and pull those figures.In these times no financial institutions give any meaningful returns on your capital,so it's a very good option, plus, it's one of the things you don't have to work at for the whole month to get a decent return.
You will never be short of prospective tenants, there are people who will never qualify or even try to get a mortgage and will always rent.
When young people get a job and want independence ,the time it takes to acquire a home of their own, is often spent renting. The higher earners will go towards owning property as soon as is practicable ,but the middle and lower income earners take longer so there is always a market.
If you put up a decent apt for rent , it goes in days. Any area. Once you screen them properly and set out proper terms and conditions, you are hardly likely to encounter problems that cannot be solved easily.

Where is Trinidad or Tobago you getting " a plot of land reasonable " ?
Which Bank ( RBC, RBL, Scotia, Ansa ) lending you 2.5 Million pesos ?

If YOU have that kinda money cash in the Bank, then " property tax valuation people " looking for you and
with only 7 or 8 officers average people and the squatters safe.

Again I am not filling out any form that blank and illegal .

[sMASH]

Despite the critics....a reasonable, transparent,well communicate d and administered tax structure encourages investment and capital injections

With that structure in place capturing all taxes due...May very well enable a govt to reduce the tax rates.

sooo, tax havens... why is that a thing?

[88sins]

Despite the critics....a reasonable, transparent,well communicate d and administered tax structure encourages investment and capital injections

With that structure in place capturing all taxes due...May very well enable a govt to reduce the tax rates.

Those that continue to think in the PNM/UNC paradigm really short sighted.

Not gonna happen.
Took them almost 20 years to reduce VAT by 2.5℅, & to make up for that reduction is VAT on everything now, no exemptions. So we paying more in VAT now than before.

You willing to wait another 2 decades for a paltry 2.5% rate reduction, knowing they may institute some other tax to take more from you than the relief you believe you getting from the miniscule rate reduction? Feel free. Yuh go be waiting all by yuh onesies tho.

[rspann]

I typed out five paragraphs to answer you, and erased all. I guess I don't know what I'm talking about ,so you take win. All the self-employed people who never went to the banks and who buy land cash at reasonable prices don't exist. Every property owner paid exorbitant prices and took loans to achieve what they have now.

If you get a plot of land reasonable in almost any area ,you can spend $2-2.5 m overall and pull those figures.In these times no financial institutions give any meaningful returns on your capital,so it's a very good option, plus, it's one of the things you don't have to work at for the whole month to get a decent return.
You will never be short of prospective tenants, there are people who will never qualify or even try to get a mortgage and will always rent.
When young people get a job and want independence ,the time it takes to acquire a home of their own, is often spent renting. The higher earners will go towards owning property as soon as is practicable ,but the middle and lower income earners take longer so there is always a market.
If you put up a decent apt for rent , it goes in days. Any area. Once you screen them properly and set out proper terms and conditions, you are hardly likely to encounter problems that cannot be solved easily.

Where is Trinidad or Tobago you getting " a plot of land reasonable " ?
Which Bank ( RBC, RBL, Scotia, Ansa ) lending you 2.5 Million pesos ?

If YOU have that kinda money cash in the Bank, then " property tax valuation people " looking for you and
with only 7 or 8 officers average people and the squatters safe.

Again I am not filling out any form that blank and illegal .

[rspann]

Btw. I'm sure that most of the people who say they not paying property tax ,and who encouraging people not to pay, have already filled out their forms and sent it in, because they don't want the valuators to come and see what the real value is.

[sMASH]

hoss, i against the property tax ting, AND fulling it out...
im not against taxes absolutely, just against this imperialist way of collecting it.

[car]

As the recognized government if this island, they already have that leverage.
This document just extends that power to use valuation as another legally recognized cause to invade ur privacy.


That is one of the things of this property tax I wanted changed... to not permit entry into the confines and privacy of ones personal abode.
Check out the land, and the structure from the outside.

You can refuse to allow them into your home even though there is a legislation that will allow them.
They will simply stay on the road way and guesstimate the info that they need but will put you in the highest tax band. When you get your tax to pay and realise it way too much you will either pay it or refuse. The refusal process is exhaustive and during that time you still have to pay it and interest builds.. You just giving your self a set of run around, trouble and in the end of the day after the correct information is sorted out it's the same tax you will have to pay as if you did let them in.
It's a simple case of refusal and you will pay the highest value in the tax band. More money for the government if you refuse. Now you can take them to court for all these things but will it be worth it ?
After saying all of that I don't support the method that they will use to derive the tax.

[pete]

Yeah, and if you take them to court and the courts are flooded with people doing the same it will take years upon years to get it revised and in that time you still have to pay what they say.

[drchaos]

Also to try and get money back from the government is like waiting for hell to freeze over.

[sinister_14]

[Redman]

For different reasons.
Don't be obtuse

[RedVEVO]

Btw. I'm sure that most of the people who say they not paying property tax ,and who encouraging people not to pay, have already filled out their forms and sent it in, because they don't want the valuators to come and see what the real value is.

You seem to know what everybody doing and how everybody thinking in TT.

If in the past years persons buy land "cheap" and they beating their chest now like King Kong on the mountain
top, OK - That is cool.

But today that has all changed.

The Banks' views and even paying via cash, leaves Gov't ( not me ) with a different opinion . Hence Gov't wants to know what is going on for political gossip and mayhem while average persons are trying to survive in a recession with dictatorship type policies .

The formula along with the method used and the information the Government is seeking is a violation of our constitutional rights. We do not live in Venezuela or China or Russia. We are not socialists .

There are a lot of people who do not share the Gov't view and methods .

If there is a sector in TT that you belong too and is secure financially and want to be a sheep and sleep , OK .

The well educated people fully understand what the Gov't is doing . It is wrong in their view.

And they are a protesting. We are NOT filling out an illegal form.

Enjoy your beauty sleep.

[rspann]

Like i said, take win. If you feel you can teach me anything about real estate and what the banks are doing ,go right ahead. I'm sure that anybody who knows me will think differently. .

[HSA]

Like i said, take win. If you feel you can teach me anything about real estate and what the banks are doing ,go right ahead. I'm sure that anybody who knows me will think differently. .

spann eh know nothing about real estate and banks.... all he know is how to straighten mash up car

[bluesclues]

Like i said, take win. If you feel you can teach me anything about real estate and what the banks are doing ,go right ahead. I'm sure that anybody who knows me will think differently. .

spann eh know nothing about real estate and banks.... all he know is how to straighten mash up car

You would tink all that money he makin he could afford to buy a house and land by now.

[88sins]

I want to know something about this proposed BS tax
If the state seizes property for non payment of of this property tax, property is NOT revenue, so to get the revenue, they have to sell the seized property.
What's their proposed method for selling that property? Auction? Sealed bids/tenders? Behind closed doors aka racket ting?
What value will the seized property be sold for? Only for the taxation owed? Market value? If being sold only for the for taxation owed, where they getting the money yo compensate the property owner? yuh cant seize a property someone paid 2 million for, & sell it for 75K & leave them with nothing. So it hadda sell at market value.


I gettin the strong suspicion that some dutty politicians gonna be looking to buy seized properties at taxation owed amounts behind closed doors, only to sell at market values, swiftly making instant profits.

I lookin at Section 38, subsection 2 of the act

38. (1) The distress taken under section 37 may, at
the cost of the owner thereof, be kept for four days, at
the end of which time if the actual costs and charges of
and incidental to the distress are not paid, the same
may be sold.
(2) Out of the proceeds of such sale, there shall
first be paid the costs and charges of and incident to the
sale and keeping of the distress, and subsequently the
amount due in respect of the tax with such increase as
aforesaid, and the residue if any, shall be payable on
demand to the owner of the goods distrained upon.

so basically, yuh have 4 days to pay & then they can sell your property. After its sold, & they take what they want, if there's anything left over after the sale, only if you demand it you will get it, otherwise the state claims the balance.

[car]

I want to know something about this proposed BS tax
If the state seizes property for non payment of of this property tax, property is NOT revenue, so to get the revenue, they have to sell the seized property.
What's their proposed method for selling that property? Auction? Sealed bids/tenders? Behind closed doors aka racket ting?
What value will the seized property be sold for? Only for the taxation owed? Market value? If being sold only for the for taxation owed, where they getting the money yo compensate the property owner? yuh cant seize a property someone paid 2 million for, & sell it for 75K & leave them with nothing. So it hadda sell at market value.


I gettin the strong suspicion that some dutty politicians gonna be looking to buy seized properties at taxation owed amounts behind closed doors, only to sell at market values, swiftly making instant profits.

Who ever buys it will inherit the property tax that is owe.
A valuation will be done and the property will sell minus the tax. Racket for sure.