BIR gets extension to issue property tax notices

FINANCE Minister Colm Imbert has advised of an extension for the Board of Inland Revenue (BIR) to issue property tax assessment notices.

The time has been extended to July 31, a release from the ministry said on June 28.

The minister explained the extension was necessary for the valuation division to deliver annual rental value (ARV) notices and make adjustments where required and for the BIR to deliver revised notices to residential landowners and occupiers who have not yet received their notices.

The release said as of June 28, over 198,000 ARVs and over 140,000 revised notices of assessment for property tax were delivered by TTPost.

The release also advised those landowners and occupiers who meet the requirements to apply to the BIR for a deferral of property tax. The property tax rate was decreased from three per cent to two per cent.

On June 25, the ministry advised the public to disregard previous property-tax notices of assessment dated before March 6, as these were now null and void.

It explained the Property Tax Act had been amended to change the rate tax payable from three per cent to two per cent, and payments, deferrals and objections would only be accepted on the revised notices.

It reminded citizens that payments are due by September 30.

In March, amendments to the property tax legislation were laid in Parliament.