Property Tax in Trinidad & Tobago

[src1983]

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These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

I have no problem paying, but allow me to claim back on suspension parts from the crap road I have to drive on

[crazybalhead]

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These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

If I rent my house for 20k, where would I live?

My house is a home, not a rental property. And the people who ARE charging rent SHOULD also be paying income tax.

This is a tax that's supposed to assist with infrastructural benefits, like the fabled gasoline tax.

[ADONI]

My house is a home, not a rental property.

Exactly!!!

[16 cycles]

might not be able to buy an S-class but at least my money will go towards servicing....

[matr1x]

RASC is an imbecile. These rates are based on whose assessment? This is high-class nonsense. Will we be getting an accurate count of the monies generated. What about lavantille, sea lots.and beetham. What about hdc renters and owners?

[The_Honourable]

Vasant Bharath on the tax

[teems1]

These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

Once the tax is in, the Government will increase it little by little every year. It's a case of a frog remaining in water which gradually boils.

If the Government needs money so badly, they should renegotiate those massive contracts that Coosal, Jusamco etc get every few years to do shoddy work.

[The_Honourable]

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These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

This table is in fact correct. Unfortunately a lot of misinformation is being spread about the tax amounts and the confusion on the amount charged per month where it is actually charged per year.

Besides the timing and the consequences of higher prices circulating in the economy, my issue is that the property tax is not going back to the area of collection but to the government who is more than likely going to do BS with the collections. So the argument that the tax is for "better roads in the community, and garbage collections" and all that jazz gone straight out the window.

Government services going to improve? New services? Most likely not going to happen. To my knowledge, government has not given a definitive answer about squatters and HDC owners, especially in crime hot spot areas. HDC have millions of dollars in rental money outstanding.

The table is a good buy in for those who have been paying attention and took their time to go through the property tax information on the Ministry of Finance website, but beyond that, it is BS. As Teems1 stated, get everybody in and turn up the heat.

[RASC]

They need to give the regional corporations MORE AUTONOMY and collect the taxes on behalf of their corporation and compete with the various corporations... Such as in the states. Counties compete with each other for business... Real estate development and your tax dollars!

[sMASH]

there are only two arguments anyone in support of the property tax can use to defend it. the first is that the figure is relatively small, the second is that the government needs money.

they never question if the method used to calculate it is just, or fair, or proportional to the use of the money, proportional to the income amount from which it will be deducted, if it will indeed be put towards improving the quality of life of the citizens, (seeing as how that is the premise on which it is being demanded) and if it will actually result in improved standards of living.

they never question if it is good law. just like when someone shows up with a donation sheet asking for money, u just give them to get rid of them, u don't evaluate if what the story they are peddling actually has merit.

[The_Honourable]

They need to give the regional corporations MORE AUTONOMY and collect the taxes on behalf of their corporation and compete with the various corporations... Such as in the states. Counties compete with each other for business... Real estate development and your tax dollars!

100% agree. The government should have pushed through local government reform since the beginning of the year after the Nov 2016 LGE. Right now they still consulting but no draft paper reach the parliament yet. The last time one did reach the parliament was in 2013 by the PP, and before that, 2009 by the Manning administration.

If these reforms was in place and THEN the tax was introduced, the opposition to it may not have been as bad as it is now.

there are only two arguments anyone in support of the property tax can use to defend it. the first is that the figure is relatively small, the second is that the government needs money.

they never question if the method used to calculate it is just, or fair, or proportional to the use of the money, proportional to the income amount from which it will be deducted, if it will indeed be put towards improving the quality of life of the citizens, (seeing as how that is the premise on which it is being demanded) and if it will actually result in improved standards of living.

they never question if it is good law. just like when someone shows up with a donation sheet asking for money, u just give them to get rid of them, u don't evaluate if what the story they are peddling actually has merit.

THIS!!!

[matr1x]

There are ways to save money in this country that don't require this tax being introduced

[drchaos]

They need to give the regional corporations MORE AUTONOMY and collect the taxes on behalf of their corporation and compete with the various corporations... Such as in the states. Counties compete with each other for business... Real estate development and your tax dollars!

They promised this under the local government reform if you voted for them in the local government elections ... People voted for them (stupid people ... but people non the less) but still no local government reform.

The whole play was to make people think that by giving them local and supporting their tax they would allow those tax dollars to stay in the community and not end up in some financier's pocket.

Now who sooooo shtupid to believe that????

[adnj]

They need to give the regional corporations MORE AUTONOMY and collect the taxes on behalf of their corporation and compete with the various corporations... Such as in the states. Counties compete with each other for business... Real estate development and your tax dollars!

All of Trinidad and Tobago combined is still less than twice the size of the average county in the US.

[RASC]

They need to give the regional corporations MORE AUTONOMY and collect the taxes on behalf of their corporation and compete with the various corporations... Such as in the states. Counties compete with each other for business... Real estate development and your tax dollars!

All of Trinidad and Tobago combined is still less than twice the size of the average county in the US.

You're highly mistaken.

[RASC]

What this is... Is a MARKETING blunder. Plus as mentioned before they needed to pass the local govt legislation before ANYTHING was done. Then roll in the taxes... With the idea that YOUR regional Corp is in charge of keeping your streets paved, sidewalks cleaned etc.

[sMASH]

the marketing is lacking, and the stuff that comprises the tax, is bullcrap.

i mean, look at pensioners. 3k per month. with food; as they cant eat any and any thing, medical; as they have medicine, doctor visits, treatments, procedures etc, traveling; as i doubt they swift enough to hop maxi and save, a lot of them will have to get hired cars to be able to move comfortably, clothing, house maintenance, appliance replacements, plus their general generosity

u tell me how they could make all of that on 3k, then u want to charge them tax and interest if not paid.


tell me where the retrenched workers going to get money to pay more taxes, with food, children school fees, college fees, uwi fees, mortages, car upkeep etc.
right now, every one of us are dipping into our savings.



all i can say is that PNM feel we eye too blasted big for trying to achieve in life, or that parents have no right to pass down properties to children who dont have big wuk.



no consideration if the living expenses, of which taxes are a large and frequent part of, are commensurate with the income from which those expenses must be paid.



PNM: is we time now to take back from the rest of them.

[assassin]

These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

$540 a month?
Property tax is payable monthly???
Or is it $6480 one shot, in which case why did they even bother putting it in the table as a monthly cost?

Average rental for a typical 2 storey house would be around 15k/ mth which means almost $5k as tax

[adnj]

They need to give the regional corporations MORE AUTONOMY and collect the taxes on behalf of their corporation and compete with the various corporations... Such as in the states. Counties compete with each other for business... Real estate development and your tax dollars!

All of Trinidad and Tobago combined is still less than twice the size of the average county in the US.

You're highly mistaken.

Average size of a county in the USA: 2910 km²
Land area of T&T: 5131 km²

[car]

These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

$540 a month?
Property tax is payable monthly???
Or is it $6480 one shot, in which case why did they even bother putting it in the table as a monthly cost?

Average rental for a typical 2 storey house would be around 15k/ mth which means almost $5k as tax

It is a marketing ploy. If someone can't afford a 10k fridge. The monthly payment of $200 a month will seem comfortable to them and they will buy the fridge.
The only reason to put a monthly tab is to show how little it comes up to per month than yearly. So if someone tax is 5k a year, the argument will be is only $400 a month. And then they will say I sure u could afford that.
It could also be a payment plan for those that can't afford or complain.
Is like a never done loan that was forced on to you for the rest of your life.

[EFFECTIC DESIGNS]

Vasant Bharath on the tax

Aah boy the man himself the one and only shot we ever had at rebuilding the UNC and putting them back in power.

South of the Caroni went ahead and voted for maha Sri mata Kamla mother durga instead. So PNM in power for the next 20 years while UNC go drink more rum.

Proud to say I went out and voted for this man to be political leader of the UNC if I eh do nothing else I do that much.

[RASC]

These prices mashing allyuh up boy... Can you imagine the government trying to rob you of your hard earned 540dollars out of your potential 20k monthly rental.
Insanity. That coulda well go towards 10 shots at Paprika month end!!

$540 a month?
Property tax is payable monthly???
Or is it $6480 one shot, in which case why did they even bother putting it in the table as a monthly cost?

Average rental for a typical 2 storey house would be around 15k/ mth which means almost $5k as tax

Define average.
Because going with your simplistic way at looking at things... A two story house in Barrackpore renting for 15k a month.

Get specific /real please.

[EFFECTIC DESIGNS]

Don't get me wrong if this Tax was going towards properly fixing my community, I won't have an issue.

What assurance do we have that they will start fixing roads, drains, schools, payvements etc?

This is the big problem I have with this, for all we know it could be going into the pockets of crooked politicians, we are ranked as one of the most corrupt countries on earth incase you fellas didn't know.

[car]

Don't get me wrong if this Tax was going towards properly fixing my community, I won't have an issue.

What assurance do we have that they will start fixing roads, drains, schools, payvements etc?

This is the big problem I have with this, for all we know it could be going into the pockets of crooked politicians, we are ranked as one of the most corrupt countries on earth incase you fellas didn't know.

Very very correct. Roads drain pavement going to look the same as always.

[urbandilema]

Don't get me wrong if this Tax was going towards properly fixing my community, I won't have an issue.

What assurance do we have that they will start fixing roads, drains, schools, payvements etc?

This is the big problem I have with this, for all we know it could be going into the pockets of crooked politicians, we are ranked as one of the most corrupt countries on earth incase you fellas didn't know.

U living a dream all that Tax is for the high way to toco

[assassin]

$540 a month?
Property tax is payable monthly???
Or is it $6480 one shot, in which case why did they even bother putting it in the table as a monthly cost?

Average rental for a typical 2 storey house would be around 15k/ mth which means almost $5k as tax

Define average.
Because going with your simplistic way at looking at things... A two story house in Barrackpore renting for 15k a month.

Get specific /real please.

Get real?
You are highlighting the very obvious shortcoming in the procedure
Govt has told homeowners to assess and assign a rental value to their home. Which I have done.
You want definitions and specificity? Seek them from the proposers of this methodology

[RASC]

ROFL... Go right ahead then. Value your lower middle income property at upper middle income rental rates if yuh THAT chupid... By all means

[assassin]

Yeah
I missed where you posted your metrics btw

[RASC]

Yeah
I missed where you posted your metrics btw

Nah man no metrics... Just use your imagination bro. If you feel because it's the same square footage, bedrooms and toilets... And you from Cedros and wanna price as Fairways... By all means go ahead

[stikid09]

Home and business owners are eager to know as much as possible about Government's planned property tax.

Here are 10 things to know about property tax, as explained by the Ministry of Finance, the Property Tax Act 2009 and the Valuation of Land Act 58:03, amended by Act #17 of 2009:

1. Property value is calculated based on four factors

The Ministry says the following four factors decide property values:

Location of the Property (Neighbourhood)
Classification of the Property (Executive, Modern, Standard [I & II])
Category of the Property (Agricultural, Commercial, Residential, Industrial)
Dimensions – Property Floor Area
Modifications to the particular property

2. Property Tax is calculated based on the Annual Taxable Value of all land.

According to the Property Tax Act 2009, all land, including vacant land, in Trinidad and Tobago shall be Rated on a Rental Value basis.

Annual Rental Value (ARV) is the rent at which a property will let from year to year.

Annual Taxable Value (ATV) is the rent at which a property will let from year to year after a deduction of 10 percent for Voids.

Tax rates are as follows:

Residential: 3%

Commercial: 5%

Industrial with building: 6%

Industrial without building: 3%

Agricultural: 1%



Vacant Land will also be taxed:

The Annual Rental Value of vacant land will be found by taking a percentage of the Current Market Value of the land.

Property Tax is calculated by taking a percentage (rate of tax) of the Annual Taxable Value of all Land.

Tax rates are as follows:

Agricultural: 2 %

Residential: 3.5 %

Commercial and Industrial: 5%

3. Once authorised, officers can enter and inspect your premises at any time during the day

Once authorised by the Commissioner, officers can enter and inspect your property, whether you want them to or not.

According to the Valuation of Land Act 18 of 1969:-

“Sect. 15. (1) Subject to subsection (2), the Commissioner, or any officer authorised by the Commissioner in writing for that purpose, shall for the purpose of ascertaining the value of any land have power to enter, at all reasonable hours during the daylight, in or upon any land without being liable to any legal proceedings or molestation whatever on account of the entry.”

4. You could be fined for not submitting your property tax valuation form

According to Section 6 of the Valuation of Land Act 18 of 1969:-

"Sect. 6. (1) Every owner of land in Trinidad and Tobago shall make with the Commissioner, a return of the land in the form set out in Schedule II.

(2) Where the owner of land fails to file a return, the Commissioner shall by Notice inform the owner that he is required to file a return, failing which he may be liable to conviction under this section.

(3) A Notice under subsection (2) shall be sent by registered post.

(4) A person who willfully—

(a) fails to make a return within the prescribed time under subsection (1); or

(b) makes a return which is defective or incomplete or which is to his knowledge false in any material particular, commits an offence and is liable on summary conviction to a fine."

5. You have 30 days to challenge your valuation

By law, citizens have up to 30 days to lodge a complaint after receiving their notice of valuation.

According to Section 19 of the Valuation of Land Act 18 of 1969:-

"An owner or local authority who is dissatisfied with a valuation may, within thirty days after service of the notice of valuation, post to or lodge with the Commissioner an objection in writing against the valuation stating the grounds upon which he relies. The objection shall be limited to one or more of the following grounds:

(a) that the values assessed are too high or too low;

(b) that lands which should be included in one valuation have been valued separately;

(c) that lands which should be valued separately have been included in one valuation;

(d) that the person named in the notice is not the owner of the land."

6. You have until March 31, 2018, to actually pay your property tax

Section 17 of the Property Tax Act 2009 states:

"17. (1) The Board shall, on or before the March 31 in each year, cause a notice of assessment specifying—

(a) the unique land identification number or other number by which the land is identified;

(b) the annual rental value of the land;

(c) the annual taxable value of the land;

(d) the annual tax payable in respect thereof;

(e) any deductions and allowances applied to the tax on the land;

(f) the time when and where such annual tax is to be paid;

(g) penalties and consequences for failure to pay the tax; and

(h) the right to object to such assessment made under this Act and the procedures to be utilized in making an objection, to be served on or delivered to the owner or occupier of the land personally or his agent or attorney or by being sent by post to his last known business or private address."

Additionally, Section 33 of the Act states:

“33. The annual tax due and payable in respect of every land shall be paid to the Board on or before the March 31 in every year ending on the next ensuing December 31.”

7. If you don’t pay by September 15, you pay more

Section 34 of the Property Tax Act 2009 adds that:

"(2) A Notice under subsection (2) shall be sent by registered post.

(3) Where any amount of tax is not paid on or before September 15—

(a) a further sum of 10% on the amount of tax shall be added thereto by way of an increased tax; and

(b) interest at the rate of 15% per annum on the amount of tax is to be applied to the tax as increased from September 16 to the date of payment, unless the Board is satisfied that the failure to pay the taxes did not result from the default of the taxpayer."

Section 36 adds if six months have elapsed since the outstanding due date, a Notice of Demand will be sent.

“36. Where arrears of annual tax payable on land are outstanding, or part thereof is unpaid, and six months have elapsed since the same became due and owing, the Board shall cause a Notice of Demand to be sent to the owner of the land by registered post.”

8. After a year of non-payment, your goods may be seized, once Notice has been served

Section 37 of the Property Tax Act 2009 States:

“37. (1) Where any tax assessed under this Act or part thereof is unpaid, the Board has served Notice under section 36 and twelve months have elapsed since the same became due and owing, the Comptroller of Accounts, District Revenue Officer or other person to whom the same ought to be paid may at anytime before actual forfeiture under section 41 authorize the levying of a distress—

(a) upon the goods, chattels, and effects of the owner; or (b) upon the goods, chattels and effects, being upon the lands so charged with such tax of the tenant or occupier of the lands or any part thereof charged with such tax.

(2) The authority to distrain under this section may be made in the form set out in Schedule II, and such authority shall be a sufficient warrant and authority to levy by distress the amount of taxes unpaid and in arrears and penalties and interests thereon.

(3) For the purpose of levying any distress under this section, any person may, if expressly authorized in writing by the Board, execute any warrant of distress, and if necessary, break open any building in the daytime for the purpose of levying such distress."

9. After five years of non-payment, your land could be forfeit

Section 41 of the Property Tax Act 2009 states if no taxes are paid for a five-year period, pending a notice published in the Gazette by the Board, the President may deem your land as forfeit, unless you are able to pay all of the arrears before the stated expiration date.

“41. (1) Where any tax or any part thereof due in respect of any land remains in arrears and unpaid for the period of five years from the day when it became due and payable, the President may, by warrant under his hand, reciting that a sum specified in such warrant, due on account of the tax and for five years in such warrant, is and has for the full period of five years been in arrears and unpaid, order that such lands be forfeited to the State, and immediately upon the registration of such warrant as hereinafter provided, such land shall be forfeited, and shall vest in the State, in absolute dominion, free and discharged from all rights, estates, interests, equities and claims of any other person.”

“(2) The President shall not sign a warrant under subsection (1), unless the Board has previously caused a notice to be published in the Gazette and in one newspaper in daily circulation in Trinidad and Tobago and posted up in a conspicuous place at its office and suboffices for a period of one month, notifying the owners of the lands, and all persons interested in them, that unless a sum specified in such notice, being the sum which at the expiration of a specified period of five years or some longer period, became or would become due in respect of the tax in arrears, increasing according to the Act, is paid before the expiration of the specified period, together with all sums which at the time of payment may be due in respect of any tax, the said lands will be liable to forfeiture to the State.”

10. You can apply for a tax deferral, once relevant criteria are met

Section 23 of the Property Tax Act 2009 states that the Board may, upon application of the land owner, authorise the deferral of the payment of the assessed tax on the land on the grounds of the “impoverished condition of the owner and his inability to improve his financial position significantly by reason of age, impaired health or other special circumstances, that undue hardship to that owner would otherwise ensue”.

The Act says if approved, a certificate showing the owner’s inability to pay tax will be issued.

A release from the Ministry states that all property valuation forms along with supporting documents must be submitted by May 22, 2017.

Citizens can find out more at www.finance.gov.tt/propertytax

Source: http://www.looptt.com/content/10-things ... operty-tax