Imbert: Continued misinformation on property tax

FINANCE Minister Colm Imbert dismissed what he described as a "persistent campaign of deliberate misinformation regarding property tax in the public domain."

In a statement issued by his ministry on Friday, Imbert said this campaign continues despite many public clarfications, statements in Parliament, full-page advertisements, press releases and news conferences.

"There is still a misguided belief among some property owners that the Annual Rental Values (ARVs) stated in the notices of valuation sent out by the Valuation Division in 2023 are equivalent to the amount of the property tax that will be due and payable in 2024."

Imbert reiterated," This is not the case. These notices of valuation are not property tax notices."

During debate on the Finance Bill 2023 in the House of Representatives and in the Senate earlier this month, Imbert said property tax collections on residential properties will begin from January 1, 2024.

"Property tax notices will be sent out by the Board of Inland Revenue (BIR) in January 2024, when it is hoped that the misinformation campaign will cease."

Imbert said by law only the BIR can notify taxpayers regarding the amount of property tax they are required to pay.

The ministry's Valuations Division, he continued, is solely responsible for determining the ARV of properties to allow the BIR to calculate the property tax.

"The property tax payable is, in fact, only 2.7 per cent of the ARV stated in the notices of valuation."

Imbert said, "So, if a residential property has been assessed at an ARV of $60,000.00, the tax payable is $1,620.00 per year or $135.00 per month."

He added that if a property has been assessed at an ARV of $18,000, the tax payable is $486.00 or $40.50 per month.

"It should be noted that the property tax for more than 60 per cent of all properties in Trinidad and Tobago will be between $486.00 per year ($40.50 per month) and $1,620.00 per year ($135.00 per month)."

Imbert said, "To be clear, to understand what their annual property tax will be, property owners need to multiply the annual rental value (ARV) in the notices they have received by 2.7 per cent."

He advised property owners should not allow mischievous people to mislead them into thinking that the ARVs and the applicable property taxes are the same.