Property Tax in Trinidad & Tobago

[paid_influencer]

how much is a dinner mint i dont know

[paid_influencer]

on the plus side, Ladies and gentlemen, if you have no property, you will have no property tax to pay.

[DMan7]

Soon it will be cost of a kiss cake, then a KFC, then a keg of oil per day. When will it end?

[The_Honourable]

Imbert: Property Tax will not be retroactive

Finance Minister Colm Imbert has assured that the property tax will not be retroactive - and he’s estimated that 50 per cent of all residential properties in T&T will pay property tax of “somewhere between” $540 annually and $1,080 annually.

Plus, Imbert says Government is looking at “ring fencing” to ensure the property taxes collected by regional corporations are used on the necessary services and not squandered - and he’s also considering a mechanism for corporations to report to the population and Parliament what they do with the millions in taxes they’ll collect.

Imbert spoke on the matters in the Senate yesterday, in piloting the Valuation of Land Amendment bill.

The bill was passed in the House of Representatives recently and passed in the Senate last night. Imbert gave updates on the matter, including examples of what some properties might be charged.

The bill seeks to clarify the definition of the term “annual rental value” (as an estimate), to allow the Commissioner of Valuation to record an ARV of $18,000 on the basis of a return submitted under section 29 of the Act, where the ARV is less than $18,000; and to create certainty in the application of the law with respect to the creation of valuation rolls.

Independent Senator Anthony Vieira, who cited anxiety on the part of some people about “back taxes,” asked, “Will the tax be retroactive or will it be forward looking?”

Imbert said, “You will see me come to the Parliament later on in the year. Again, I don’t want to complicate things; and all of the taxes up to 2023 would be waived because you can’t impose a tax without a Valuation roll. I’m very familiar with judicial review - these days, I get one every other day...

“But we will not be imposing taxes in a situation where we have not yet created a roll. So, we’re creating the rolls in ‘23 so the taxes will be imposed for ‘23 going forward and I’ll bring legislation to make that crystal clear ... along with some other minor tweaking we’re doing.”

He said property tax is only applicable to land in certain categories - residential, commercial, industrial and agricultural. Tax from residential properties will be collected and retained by regional corporations for their use in Local Government reform.

Imbert cited the response from both PNM and UNC corporations of not having money to do various things.

He added, “We’re looking at ways of how we can ring fence these taxes so that they will go to the purpose intended - garbage collection, local infrastructure et cetera - and not be wasted and squandered on other things.”

He said Government was also looking at a form of reporting by the councils to the population and the Parliament. He said there was no point in corporations collecting $30m-$40m annually of residential property tax and that money isn’t used for productive purposes.

Example of tax payments

Imbert said he received new information from the Valuation Division that the division had valued 234,573 residential properties up to yesterday.

Of that figure valued so far - out of T&T’s 400,000 residential properties - he said the Valuation Division had already crossed the 50 per cent threshold of residential properties.

He said for the lowest possible value that will be placed on a house - $18,000 or less - the Valuation Division had so far valued 36,103 such properties. He explained that the tax is three per cent of the $18,000 value, which is $540.

“So, property tax for 36,000 households is $540 annually - $45 monthly,” he added.

Out of the 234,573 properties, 45 per cent of those valued so far would be assessed as having rental value of $3,000 monthly or less. The tax on properties with rental value of $36,000 a year would be $1,080 a year or $90 a month, he said

He said he was fed-up of hearing that people might pay “$10,000 or $20,000.”

“I dare say when we’re finished, about 50 per cent of all residential properties in T&T will pay property tax of somewhere between $540 annually and $1,080 annually,” he said.

Imbert said 51,051 properties have been valued so far in the rental value range of $36,000 to $60,000 annually. The tax on the property on the upper end ($5,000 monthly) would be $1,800 annually.

“Two thirds of all properties in T&T will attract a tax between $540 annually and $1,800 a year,” Imbert further added.

He said the middle class may pay between $1,800 and $2,700 annually.

Imbert said if someone was unable pay the tax due to hardship if they are on old age pension, public assistance/disability grants or have minimal income, they could apply to the Inland Revenue Board for deferral of the tax.

He said in Woodbrook, there are properties worth millions but the owner is only on pension and someone like that would qualify for deferral.

He noted the taxes for a UK two-bedroom flat for a working class family is TT$25,000 and for an average US single family home in 2020 it was $TT$20,000.

UNC Senator Wade Mark accused Government of seeking another revenue stream due to its squandermania. Mark declared that the next UNC Government will scrap the property tax.

“We’re not in support of that!” Mark said.

https://www.guardian.co.tt/news/imbert- ... f379a2f125

[shake d livin wake d dead]

Interested in seeing how bringing this tax during the silly season pans out. You begging for votes on one hand and telling people pay more on the other?

[maj. tom]

And they will. They're happy to, once is not Kamla who teefing out the Treasury.

[sMASH]

Sooo want to collect a tax to do dome work, but have not worked out how to ensure that thr taxes actually go to do that work.

Manning started this tax thing since st least 2007.
Is at least 15 years they had to work all that out.

[gastly369]

And they will. They're happy to, once is not Kamla who teefing out the Treasury.

Thats all he have to say crack a "comedy tent joke" they will clap and kekekeke

[maj. tom]

Looking forward to paying rents for One Alexandra Place with my property taxes, rather than any improvements at all regarding drainage, water supply, fixing wasa sinkholes, etc.

I telling yuh how PNM Value for Money is the best times ever. A Dinner Mint per day! Boy that is value!

[Rayden6]

If failure to pay tax would they size the property? That's what they not saying

[Premchand1976]

Interested in seeing how bringing this tax during the silly season pans out. You begging for votes on one hand and telling people pay more on the other?

Gotta remember, they not too smart to begin with, they blind-er than ah bat when it comes to their loyalty and it doesn't take much more than a hamper or 2, a few tee shirts and other " meaningful " items to have them renew their loyalty eh. Fickle is the minds....or

[DMan7]

I think giving people freebies is no longer necessary as people still going to vote for them regardless. Now if the other side go all out and give freebies and do everything under the sun people still ain't going to consider that and vote them either. It has gotten so bad that one side can do nothing and win and the other can do everything and still lose.

[The_Honourable]

Stephan Reis

[The_Honourable]

$400m from property tax
Colm: Most to pay $42 to $92 monthly

The total amount of property tax to be collected in 2024 is expected to be “in the vicinity of $400 million”, Finance Minister Colm Imbert said yesterday.

He said the Inland Revenue Division will be issuing assessment notices for property tax “very shortly” to property owners.

Piloting the budget debate in the Senate, Imbert said: “Our calculations tell us that the full property tax for 2024 would be in the vicinity of $400 million. But we expect that there will be a learning curve and therefore we have made a preliminary allocation in the budget estimates in three different categories, in three different sizes of local government corporations. So we have allocated $8 million to the smaller ones (corporations), $10 million to the medium-sized ones and $12 million to the large ones,” he said.

Population size was used to determine the allocation, he added.

Imbert also gave an undertaking that regional corporations would not be allowed to use property tax revenues to pay salaries and wages, but for procuring goods and services and financing development in the communities.

“I want to emphasise that we are not going to permit property tax to be used for personnel expenditure. I have made allocations in the 2024 estimates within each municipal corporation to allow them to collect, retain and utilise property tax. But we will be making legislative amendments in due course to ensure the money is not used for the wrong purpose. I want to emphasise that it is (to be used) for goods and services and the development programme,” Imbert stated.

He said property tax would provide local government bodies with a new and sustainable revenue stream to procure goods and services.

Imbert reiterated that property tax on residential properties is calculated at three per cent of the rental value and not the capital value.

“And this is something that our opponents on the lower bench continue to attempt to confuse the population with, by saying that property taxes are based on the capital value. It is not,” he said.

Imbert said at least 50 per cent of property owners in Trinidad and Tobago will be required to pay property tax in the range of $500 to $1,100 per year or between $42 and $92 per month.

“That is what we have seen so far from the valuation roll which has now registered in excess of 200,000 properties. And there is also the provision for deferral of that for those who are genuinely unable to pay property taxes,” Imbert said.

He said what would have to be done is an application for the deferral of the tax where someone is a senior citizen on a fixed income and cannot pay, or any other vulnerable person.

Imbert said during fiscal 2024 the Government would proclaim and operationalize the relevant sections of the local government legislation to allow residential taxes to be collected by the two cities, five boroughs and seven regional corporations within the 14 municipalities.

More: https://trinidadexpress.com/news/local/ ... 332da.html

[viedcht]

Mijjie siddong and jvckin vigorous thinking about hummuch property tax he going to collect wee. Done start scheming which projects to set up to tief from

[zoom rader]

$400m from property tax
Colm: Most to pay $42 to $92 monthly

The total amount of property tax to be collected in 2024 is expected to be “in the vicinity of $400 million”, Finance Minister Colm Imbert said yesterday.

He said the Inland Revenue Division will be issuing assessment notices for property tax “very shortly” to property owners.

Piloting the budget debate in the Senate, Imbert said: “Our calculations tell us that the full property tax for 2024 would be in the vicinity of $400 million. But we expect that there will be a learning curve and therefore we have made a preliminary allocation in the budget estimates in three different categories, in three different sizes of local government corporations. So we have allocated $8 million to the smaller ones (corporations), $10 million to the medium-sized ones and $12 million to the large ones,” he said.

Population size was used to determine the allocation, he added.

Imbert also gave an undertaking that regional corporations would not be allowed to use property tax revenues to pay salaries and wages, but for procuring goods and services and financing development in the communities.

“I want to emphasise that we are not going to permit property tax to be used for personnel expenditure. I have made allocations in the 2024 estimates within each municipal corporation to allow them to collect, retain and utilise property tax. But we will be making legislative amendments in due course to ensure the money is not used for the wrong purpose. I want to emphasise that it is (to be used) for goods and services and the development programme,” Imbert stated.

He said property tax would provide local government bodies with a new and sustainable revenue stream to procure goods and services.

Imbert reiterated that property tax on residential properties is calculated at three per cent of the rental value and not the capital value.

“And this is something that our opponents on the lower bench continue to attempt to confuse the population with, by saying that property taxes are based on the capital value. It is not,” he said.

Imbert said at least 50 per cent of property owners in Trinidad and Tobago will be required to pay property tax in the range of $500 to $1,100 per year or between $42 and $92 per month.

“That is what we have seen so far from the valuation roll which has now registered in excess of 200,000 properties. And there is also the provision for deferral of that for those who are genuinely unable to pay property taxes,” Imbert said.

He said what would have to be done is an application for the deferral of the tax where someone is a senior citizen on a fixed income and cannot pay, or any other vulnerable person.

Imbert said during fiscal 2024 the Government would proclaim and operationalize the relevant sections of the local government legislation to allow residential taxes to be collected by the two cities, five boroughs and seven regional corporations within the 14 municipalities.

More: https://trinidadexpress.com/news/local/ ... 332da.html

The government has already said

Taxes from UNC areas will be used to fund PNM ghettos

This was said in Parliament by one of them who used tax payers money to buy weave and wigs

[adnj]

Waiting for the tax default property sales. *rubs hands together*

[shake d livin wake d dead]

Waiting for the tax default property sales. *rubs hands together*

You really want property in laventille, sealots, beetham etc?

[Rayden6]

And they not even making it known that if it is not paid the property would be seized....

[The_Honourable]

You really want property in laventille, sealots, beetham etc?

Before you even reach there, with our history of not enforcing the law people really think the corporations will go after homeowners in those areas?

[88sins]

I dont know why everyone dont realise this means an increase in everything

ie. Grocery , utilities, you name it

You think that businessmen just going to ABSORB the extra tax?
This will be passed on to the consumer

Don't you guys think about the flip side to this?The other 50% chances are that houses purportedly value at 1.5mil for a 3bdroom house in let say diamond vale...will drop to the actual value avg 600k-700k which is a more practical price for a house with concrete roof,3 rooms,1 bath on 4900s.f. of land.....lets all look on and see..after all that's all we can do for now

You missing something
This tax is based on what the government feel you can get as an annual rent for your house, NOT what it worth as a sake in a fair value open market. This tax will do absolutely nothing to bring property prices down.

[zoom rader]

I dont know why everyone dont realise this means an increase in everything

ie. Grocery , utilities, you name it

You think that businessmen just going to ABSORB the extra tax?
This will be passed on to the consumer

Don't you guys think about the flip side to this?The other 50% chances are that houses purportedly value at 1.5mil for a 3bdroom house in let say diamond vale...will drop to the actual value avg 600k-700k which is a more practical price for a house with concrete roof,3 rooms,1 bath on 4900s.f. of land.....lets all look on and see..after all that's all we can do for now

You missing something
This tax is based on what the government feel you can get as an annual rent for your house, NOT what it worth as a sake in a fair value open market. This tax will do absolutely nothing to bring property prices down.

It will send it up and rental value up.

That's all its doing

Scam

[88sins]

Rents are DEFINITELY going to increase, especially for those multi-unit complex buildings.
gr8 like a coconut is d pee-on-em

[shake d livin wake d dead]

You really want property in laventille, sealots, beetham etc?

Before you even reach there, with our history of not enforcing the law people really think the corporations will go after homeowners in those areas?

Before we even reach to going after homeowners

Allyuh really think the money would be used for what its really meant for?

[Country_Bookie]

You really want property in laventille, sealots, beetham etc?

Before you even reach there, with our history of not enforcing the law people really think the corporations will go after homeowners in those areas?

Before we even reach to going after homeowners

Allyuh really think the money would be used for what its really meant for?

Good point. More contracts for gang members posing as contractors..... with kickbacks to councilors / mayor etc.

[death365]

Once monies are in the piggies bankies (consolidated fund) government can use it for anything.

[death365]

I put what our great PM said in a picture for ease of reference to post it bad when the same sheit he said won't happen..


Happens !!!

https://tt.loopnews.com/content/pm-property-tax-rent-prices-lets-not-overdo-it

[alfa]

Anybody get property tax letters yet? Hearing at least one business place on my side got telling him he has to pay from January

[death365]

Only residential property we're accessed not business

Anybody get property tax letters yet? Hearing at least one business place on my side got telling him he has to pay from January

[bluefete]

So no property or room renting for less than $3,000.00. Carry on.