Property Tax in Trinidad & Tobago

[hover11]

Red government supporters who living in 100 dollar a month HDC planning how will this affect them?

Take Bull when landlords increaseFB_IMG_1631885140838.jpg

Time to cover up this mc pool yes stupessss

Dat alone eh go wuk nah.
Porcelain tiles, air conditioning, water pump, what kinda ceiling y have, etc, all increase the potential rental value of your home, thus increasing your tax liability.
That's why I can comfortably say, this isn't a property tax, it's a wealth tax, based on the idea that if you can afford the nicer things, you should be made to pay for workin hard to be able to afford it, for every year as long as you have it, all while getting absolutely NOTHING for your tax dollars.

They like it so. Let them take whatever they get and remain dotish and quiet as per the norm.

Trinidad take bull

Habitarse 7 all yuh injun paying the least amount of tax and rates.

Yuh think HDC red government voters paying the same

[Redman]

Mass exodus and hyper inflation.

Wow.
Interesting.

A .11% tax is inflationary and will cause mass exodus.

L
O
L

Yes son, a mass exodus.
Because when it kicks in, rent will increase significantly, while tenants salaries will remain stagnant as usual. And when people realize that they ketchin their own personal hell trying to make ends meet and it's because of an action that the government took, what's one of the first things they think about doing? Leaving the country, that's what.
I got no idea where you get that 0.11% from, but I wouldn't be amazed if you pulled that 0.11% out the crack under your back. So since you like numbers. Look some simple math. You have an apt complex, that has ten 2 bedroom apts, and each apt is assessed to have an arv of 42000, or a monthly rental value of $3500/m
42000x10=420000-42000=415800×3%=$12474/year. That's your tax for the year, never mind you still got your mortgage payment, that the tax liability will be added to, thus increasing your installment and you paying interest on it. You feel any property owner gonna absorb that with a smile? Keep dreaming. And I eh even mention that increase in water rates that will come with the implementation of that tax.

Everybody gonna get their ballz squeezed, and sadly is the people on the lower end of the totem pole gonna have to bear the most of the pain.

As s posted earlier it's .11% of our property value.

What's the value of a 10 appt building generating 420K in rent?

Using a rental of 5% of value...which may be high (.Raymond and Pierre estimated rent to be less than 4%).

that equates to 8.4M

12k is what % of the valuation?

Or
12k over 10 apts is 1200 per apt.
Land lord increases his rent by 100 per month.
Mass exodus of tenants....
A 3% variation in cost to the land lord is going to cause a mass exodus.
Ok boss.

You have any timeline on this?

[88sins]

Oh, so you feel is only 3%. Cool. So we discounting the pending increase in water rates because of it entirely. Ok.
We not looking at the fact that the mortgage company paying the property tax is NOT trying to see their profit on your mortgage decline by even 0.0001%, and will adjust your mortgage rates upward to account for the new tax + interest. Right.
Gtk

[timelapse]

Mass exodus and hyper inflation.

Wow.
Interesting.

A .11% tax is inflationary and will cause mass exodus.

L
O
L

Yes son, a mass exodus.
Because when it kicks in, rent will increase significantly, while tenants salaries will remain stagnant as usual. And when people realize that they ketchin their own personal hell trying to make ends meet and it's because of an action that the government took, what's one of the first things they think about doing? Leaving the country, that's what.
I got no idea where you get that 0.11% from, but I wouldn't be amazed if you pulled that 0.11% out the crack under your back. So since you like numbers. Look some simple math. You have an apt complex, that has ten 2 bedroom apts, and each apt is assessed to have an arv of 42000, or a monthly rental value of $3500/m
42000x10=420000-42000=415800×3%=$12474/year. That's your tax for the year, never mind you still got your mortgage payment, that the tax liability will be added to, thus increasing your installment and you paying interest on it. You feel any property owner gonna absorb that with a smile? Keep dreaming. And I eh even mention that increase in water rates that will come with the implementation of that tax.

Everybody gonna get their ballz squeezed, and sadly is the people on the lower end of the totem pole gonna have to bear the most of the pain.

As s posted earlier it's .11% of our property value.

What's the value of a 10 appt building generating 420K in rent?

Using a rental of 5% of value...which may be high (.Raymond and Pierre estimated rent to be less than 4%).

that equates to 8.4M

12k is what % of the valuation?

Or
12k over 10 apts is 1200 per apt.
Land lord increases his rent by 100 per month.
Mass exodus of tenants....
A 3% variation in cost to the land lord is going to cause a mass exodus.
Ok boss.

You have any timeline on this?

I ent renting out my house,so how tf does this apply to me?And my kindly neighbor over the road build a ghetto complex and mash up my road.Who wants to rent my house?Them on level folly yes.In the mean time they bringing in Mustang, Lambo,Benz tax free.Abu may be on to something.This starting to resemble NAR all over again where the politically connected enjoy the perks while everyone else suffers.

[88sins]

[

quote="Redman"][quote="88sins"][quote="Redman"]Mass exodus and hyper inflation.

Wow.
Interesting.

A .11% tax is inflationary and will cause mass exodus.

L
O
L[/quote]
Yes son, a mass exodus.
Because when it kicks in, rent will increase significantly, while tenants salaries will remain stagnant as usual. And when people realize that they ketchin their own personal hell trying to make ends meet and it's because of an action that the government took, what's one of the first things they think about doing? Leaving the country, that's what.
I got no idea where you get that 0.11% from, but I wouldn't be amazed if you pulled that 0.11% out the crack under your back. So since you like numbers. Look some simple math. You have an apt complex, that has ten 2 bedroom apts, and each apt is assessed to have an arv of 42000, or a monthly rental value of $3500/m
42000x10=420000-42000=415800×3%=$12474/year. That's your tax for the year, never mind you still got your mortgage payment, that the tax liability will be added to, thus increasing your installment and you paying interest on it. You feel any property owner gonna absorb that with a smile? Keep dreaming. And I eh even mention that increase in water rates that will come with the implementation of that tax.

Everybody gonna get their ballz squeezed, and sadly is the people on the lower end of the totem pole gonna have to bear the most of the pain.[/quote]

As s posted earlier it's .11% of our property value.

What's the value of a 10 appt building generating 420K in rent?

Using a rental of 5% of value...which may be high (.Raymond and Pierre estimated rent to be less than 4%).

that equates to 8.4M

12k is what % of the valuation?

Or
12k over 10 apts is 1200 per apt.
Land lord increases his rent by 100 per month.
Mass exodus of tenants....
A 3% variation in cost to the land lord is going to cause a mass exodus.
Ok boss.

You have any timeline on this?[/quote]

I ent renting out my house,so how tf does this apply to me?And my kindly neighbor over the road build a ghetto complex and mash up my road.Who wants to rent my house?Them on level folly yes.In the mean time they bringing in Mustang, Lambo,Benz tax free.Abu may be on to something.This starting to resemble NAR all over again where the politically connected enjoy the perks while everyone else suffers.[/quote]

It applies to you, and everyone else, because it makes every property owner a tenant of the state, no matter that you alone bought or built your property or how much it cost you to do so.
Tek albino midget bobble head piggy, take it

[mamoo_pagal]

Red government supporters who living in 100 dollar a month HDC planning how will this affect them?

Take Bull when landlords increaseFB_IMG_1631885140838.jpg

Time to cover up this mc pool yes stupessss

Dat alone eh go wuk nah.
Porcelain tiles, air conditioning, water pump, what kinda ceiling y have, etc, all increase the potential rental value of your home, thus increasing your tax liability.
That's why I can comfortably say, this isn't a property tax, it's a wealth tax, based on the idea that if you can afford the nicer things, you should be made to pay for workin hard to be able to afford it, for every year as long as you have it, all while getting absolutely NOTHING for your tax dollars.

They like it so. Let them take whatever they get and remain dotish and quiet as per the norm.

Trinidad take bull

Habitarse 7 all yuh injun paying the least amount of tax and rates.

Yuh think HDC red government voters paying the same

Government uses the taxes we pay to improve their infrastructure, simple. They get "upgrades* we foot the bill!

[De Dragon]

Oh, so you feel is only 3%. Cool. So we discounting the pending increase in water rates because of it entirely. Ok.
We not looking at the fact that the mortgage company paying the property tax is NOT trying to see their profit on your mortgage decline by even 0.0001%, and will adjust your mortgage rates upward to account for the new tax + interest. Right.
Gtk

Why you arguing with Caca Colos?
You really feel he and the next dotish arse Tuntsy EVER going to see the LFD RFD PNM in any other light? These two tapeworms are the epitome of slave- like capitulation and cultism. Of course they have no other answer than "well Amerika does do eet" and "keke keke keke" UNC

[88sins]

Nah, I don't debate with political fanatics that will happily take getting arse gaped and fisted as long as is their side doing it to them.

[stev]

i thought the national topic was balls? wtf u all talking about?

[shake d livin wake d dead]

Question: how does property tax apply to pensioners? Pay like everybody else?

[Redman]

Oh, so you feel is only 3%. Cool. So we discounting the pending increase in water rates because of it entirely. Ok.
We not looking at the fact that the mortgage company paying the property tax is NOT trying to see their profit on your mortgage decline by even 0.0001%, and will adjust your mortgage rates upward to account for the new tax + interest. Right.
Gtk

On your example the land lord paid the tax.

How is this mortgage co paying tax?

[zoom rader]

Question: how does property tax apply to pensioners? Pay like everybody else?

You have to prove you can't pay

[zoom rader]

You pay Stamp duty up front and now they want to tax you again and if you have AC , washing machine etc.

Trinidad sit down and take bull , all yuh like it so.

Go back and vote red government, one set ah dumb arses

[88sins]

[quote="shake d livin wake d dead"]Question: how does property tax apply to pensioners? Pay like everybody else?[/quote]
Correct.
And if for some reason you can't pay (& you have to prove that you can't afford to pay it btw), you can request a deferral.
So, you not paying it, but it piling up, and your children or whoever takes ownership of the property after you will be left with the burden of all the years of unpaid tax.
And if they can't pay it, the property may be seized and sold by the state for them to get their tax.

[bluefete]

Question: how does property tax apply to pensioners? Pay like everybody else?[/quote]
Correct.
And if for some reason you can't pay (& you have to prove that you can't afford to pay it btw), you can request a deferral.
So, you not paying it, but it piling up, and your children or whoever takes ownership of the property after you will be left with the burden of all the years of unpaid tax.
And if they can't pay it, the property may be seized and sold by the state (to their friends and financiers) for them to get their tax.

Fixed.

[88sins]

Is level shaft people gonna get with this tax, particularly the elderly that have worked all their lives and built their homes and now in their old age living on a limited fixed income.
And a lot of people don't study this, but it has a lot of people these days in their 50's and upwards that have property but no progeny. So, they don't even have a kid to help them pay it for now and inherit the property afterwards.
So when they retire, sime of them might really have to rent out their homes to be able to afford this bs tax.

[zoom rader]

Is level shaft people gonna get with this tax, particularly the elderly that have worked all their lives and built their homes and now in their old age living on a limited fixed income.
And a lot of people don't study this, but it has a lot of people these days in their 50's and upwards that have property but no progeny. So, they don't even have a kid to help them pay it for now and inherit the property afterwards.
So when they retire, sime of them might really have to rent out their homes to be able to afford this bs tax.

It's good for them

Let them take all take bull, they wanted the red government so take it.

[RedVEVO]

You pay Stamp duty up front and now they want to tax you again and if you have AC , washing machine etc.

Trinidad sit down and take bull , all yuh like it so.

Go back and vote red government, one set ah dumb arses

The Peeps who are getting the "shaft" are the active supporters of the Red .

One day is "jab" and there was no riot ..

Next day is "shaft" and swollen balls .. and still no riot ..

[gastly369]

Looking to buy house and land sea lots or Beetham preferably thanks....

[zoom rader]

Looking to buy house and land sea lots or Beetham preferably thanks....

1% already have dat under wraps .

The entire East PoS will be gentrified

In parts of Good Park Africans are not allowed. Soon they won't be allowed to live in PoS

[hover11]

I seeing ttma done asking to be exempted from property tax so they must not pay anything , they must get a bligh for everything, when water rate increase they will want to pay old rates , when light rates increase they want will want a bligh as well

[The_Honourable]

Govt's Property Tax gamble

The Government collected $143 million in 2009, the year that the old Property Taxes ended.

The current estimates of the Property Tax to be collected are to the tune of $504 million annually, so that is about three-and-a-half times more than what property owners paid in 2009, according to Afra Raymond, chartered surveyor and managing director of Raymond & Pierre Limited.

The revenue lost over the last 12 years since the axing of the tax could be more than $5.50 billion, Raymond estimated.

Raymond, a past president of the Joint Consultative Council for the Construction Industry (JCC), said the move to implement the Property Tax would be widely unpopular at a time of many burning issues, including the COVID-19 pandemic and the existing socio-economic situations.

Raymond believes that with only a slim parliamentary majority, the introduction of the new Property Tax will be a considerable gamble for the Government.

T&T is getting set to reintroduce Property Tax as one of the revenue streams which is expected to bring in millions of dollars for the Treasury.

While there is no specific date given for the rollout, the Government has started laying the foundation. They are attempting to populate the valuation roll. The Government has put out advertisements calling on citizens to file information on property and land ownership with the Valuations Division, Ministry of Finance (MOF). If citizens fail to do so by the end of November 2021, they can face a fine of $5,000.

With this move, Property Tax can be levied on residential and commercial properties and agricultural lands.

Raymond felt that the objections from the Opposition United National Congress elements are bemusing, to say the least. This, he said, is for two reasons–"Firstly, the official record of tax collections from 1993 to 2009 as shown in the graph and table below. When the UNC was in power in the seven-year period 1995-2001, there was a dramatic and unexplained decline in the collections of Land & Building Taxes, which are collected in the non-municipal areas. That decline was reversed when the UNC left office.

“Secondly, the People’s Partnership (PP) used ‘Axe the Tax’ as a strong slogan in the 2010 general election which they won with 29 out of 41 seats. With that rare three-fifths majority in hand, there was tremendous scope for the PP to have lawfully changed or removed any laws or arrangements it wished, without any need for PNM support. Like the Property Tax, for instance. But that never happened, for whatever reason.”

Raymond answers questions on Property tax.

You are of the view that the revision of the property tax is long overdue, can you elaborate on the need for this, please.

Yes, Property Tax is long overdue. The last time Property Tax was collected in T&T was in 2009, so 2022–which is next year, which is what is under discussion–would make that a total of 12 years that no taxes were paid by property owners. By any measure, that is a tremendous benefit that has been enjoyed by property owners. In the previous taxation system, the property taxes were called House Rates for the five Municipalities and Land & Building Taxes for the other parts of the country. The five municipalities are Port-of-Spain, San Fernando, Arima, Point Fortin and Chaguanas.


The national totals of Property Tax paid in the period 1993-2009.

Taking into consideration the drastic negative economic impact of the COVID-19 pandemic, how do you feel about the reintroduction or aggressive laying of the foundation re: valuation log to be completed by November and the pushing of the Revenue Authority Bill at this particular time, is the anxiety level among citizens justified?

Apart from the truism that at any time most tax increases will be opposed, we are now in very trying times in which the very system has been tested at every level–social, economic, medical/scientific, communications. Whether it’s been tested to destruction and how we emerge from all of this remains to be seen. But the reality is that COVID-19 really sharpened certain serious challenges–we have been in decline for about a decade or more. There is tremendous, widespread and well-justified anxiety.

That is the background to the strong opposition and concerns being voiced about the re-introduction of this tax...When the old property taxes ended in 2009, a total of $143M was collected in that year. The current estimates of the property tax to be collected are of the order of $504M, so that is about three-and-a-half times more than what was being paid in 2009.

Ultimately this will be a widely unpopular move at a time of many burning issues, so with only a slim parliamentary majority (PNM 22, UNC 19), that will be a considerable gamble for the Government.

Do you foresee a considerable challenge for the TTRA given the number of citizens against the proposed renewal of property tax?

Despite the range of objections, we need to be clear that the real fear of property tax is rooted in the fact that a modern transparent database will allow our Revenue Authorities (either BIR or TTRA) to see the wider affairs of taxpayers, especially the true levels of rental income earned on investment property, on which income tax is seldom declared, far less collected.

Please offer a perspective on property tax’s place with respect to tax revenue and the T&T Revenue Authority (TTRA).

The Estimates of Revenue disclose that in 1995 property tax was two per cent of tax revenue and in 2009 it was expected to be a mere .18 per cent.

How much revenue on average has the Govt lost over the last 12 years?

That figure has always been underestimated, in my view, but the loss of revenue over that 12-year period would be over $5.50 Billion.

What are the modes of Property Tax?

There are four modes in which property is taxed in a modern system:

Stamp Duty or Transfer Tax–This is the tax paid by the purchaser when acquiring a property. This is the only one of the four types of property tax that is working to some extent. That said, most lucrative property investments are nowadays held in company names so that they can be split and sold by transfers of shares, which attracts a fraction of the stamp duty payable on a sale of the property.

Occupation Tax–This is the tax paid for the length of time one owns or occupies the property and this is the one being revised now. It is called either Land & Building Taxes or House Rates under our laws.

Income Tax on Rental Income–taxes payable on the income received from property rentals. This is poorly monitored at present.

Capital Gains Tax–This is a tax paid on the profits made when the property is sold. CGT is only payable here in the cases of property disposals taking place within 12 months of acquisition. Few vendors dispose of the property within that time limit.

What is your view on the merging of the collection agencies–BIR, Customs, into one unit to facilitate the functioning of the TTRA?

We are here contemplating a widely-discussed public policy shift which is an essential step onto the path of modern and effective Public Financial Management. These combined and crowd-sourced agencies are really the only effective way to tackle some of these big wicked problems, hence the same model was used for the Office of Procurement Regulation, which is also an integral part of modern and effective Public Financial Management. Crowdsourcing refers to the use of whistleblowers since those people are the most valuable source of critical information to stop white-collar crime, as all the research shows.

The Trinidad & Tobago Revenue Authority:

The TTRA was launched in June 2009 and is intended to be a unified body to collect taxes and customs duties. The Board of Inland Revenue and the Customs and Excise Division are to be merged.

Some of the cited benefits of the Revenue Authority model are improved revenue generation and compliance with the country’s revenue laws; better services to taxpayers and traders; a more professional staff complement; improved retention of qualified personnel; and, an improved capacity to deal with corruption. Those are objectives with which I fully agree and the Property Tax review under discussion must be understood as a part of the transition to the TTRA.


Property tax 1993-2009

Up to the start of 1998, the country’s fiscal year-end for national accounting was December 31. There was a transition between 1998 and 2001, with periods to be read as follows ‘1998’ is January 1 to September 30 of that year: ‘1998/1999’ is 12 months ending September 30, 1999, and 1999/2000 being 12 months ending September 30, 2000.

For more on this discussion, please log on to afraraymond.net

Source: https://www.guardian.co.tt/news/govts-p ... 59ab518b1e

[88sins]

Everything in this country is tax.
I said it before, and I'll say it again

You paying a tax to buy property, and then you paying more taxes to keep said property. Impsbutt want property tax? Cool, no more stamp duty, and the revenue from property taxes must be collected and administered by the corporations to the benefit of taxpayers. Do that, and people will gladly support it.

But nah, in their hollow heads, it hadda go into the pile that does use to pay back financiers, run bobol and squander on useless projects.

[VexXx Dogg]

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

[Habit7]

[shake d livin wake d dead]

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

Everything will be easy when the govt has to collect $!

[88sins]

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

Everything will be easy when the govt has to collect $ for doing not one thing besides crushing your nutz!

Fixed

[VexXx Dogg]

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

Everything will be easy when the govt has to collect $!

Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.

[shake d livin wake d dead]

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

Everything will be easy when the govt has to collect $!

Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.

Documents for all our properties inside since 2018. They made there visits, measure everything with its own roof(makes no sense to me)....so we waiting to pay the tax and get value for $

[88sins]

At least the online process to submit the form easy. No need to fill out the paper - it's easier when done thru website.

https://valuationdivision.gov.tt/

Everything will be easy when the govt has to collect $!

Yea, but beats having to line up in the sun like the last time when people panic.
now with a deadline and a possible 5k fine, better take front.

Documents for all our properties inside since 2018. They made there visits, measure everything with its own roof(makes no sense to me)....so we waiting to pay the tax and get value for $

You know that you go be waiting till 2278 right?