Imbert: Government to 'tweak' property tax soon

FINANCE Minister Colm Imbert says the government will return to Parliament to bring “minor tweaking” to the Valuation of Land (Amendment) Bill 2023, which was passed in the Senate on Friday, with 24 of the 31 senators voting for the bill.

In wrapping up, Imbert said some minor adjustments to the law would come soon, but did not identify them nor how soon he would bring them to Parliament.

Responding to the contribution by Opposition Senator Wade Mark, he said he could not see Mark’s points, adding that the shouting was uncalled for. Mark’s attack on the legislation, Imbert said, was “a lot of hysteria, misinformation and untruths” in an aim to create political mischief.

He said the argument about Mark’s personal information and that of others being in the public domain is moot, as the law, enacted 14 years ago, allows for the information Mark wants to be kept private to be shared.

The Government is yet to finalise the estimated revenue from the collection of property tax, Imbert said, adding that the law remained equitable, as residential areas, based on the number of houses, will collect money to facilitate the needs of that area, while larger communities with a higher financial demand, will also collect more to meet their needs.

Adding to the equity were the deferrals, which will be for pensioners, those receiving disability grants and other public assistance. This meant those who could not afford to pay were not being made to do so. If the property was given to someone who could pay the taxes, then the regional corporations would collect it, Imbert said.

Imbert said the collection from residential properties would begin this year and collection of agricultural and industrial property taxes would start next year.
The delay, he said, is that industrial taxes are more difficult to tally, as assessing plant and machinery values is different from that of homes. He said there would be consultation with stakeholders, but predicted that agricultural land taxes would be the easier of the two to tabulate.

Correcting an earlier mistake, he said the lowest payments would be $486 a year and not $540.

Imbert said those wanting a payment plan could petition the Board of Inland Revenue, but the government was not making provisions in law specifically for that.