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Yup this tax was really an injun taxProtonPowder wrote:Tax is based solely upon 3 factors
1) square footage of the house.
2)class of the house (executive, modern, standard, substandard, shack).
3)Band of the house. In each regional corporations there are high income or low income areas. So for example, a house in Palmiste would have a higher multiplier than a house on in Diamond or Esperance a few minutes away.
VexXx Dogg wrote:What papers is that?
zoom rader wrote:Yup this tax was really an injun taxProtonPowder wrote:Tax is based solely upon 3 factors
1) square footage of the house.
2)class of the house (executive, modern, standard, substandard, shack).
3)Band of the house. In each regional corporations there are high income or low income areas. So for example, a house in Palmiste would have a higher multiplier than a house on in Diamond or Esperance a few minutes away.
The_Honourable wrote:After prolonged debate in both houses of the parliament, the Property Tax Amendment Bill 2018 was passed in the Senate.
1% will most likely have their houses linked to their bussiness and pay less when they cook the books as a lossshake d livin wake d dead wrote:zoom rader wrote:Yup this tax was really an injun taxProtonPowder wrote:Tax is based solely upon 3 factors
1) square footage of the house.
2)class of the house (executive, modern, standard, substandard, shack).
3)Band of the house. In each regional corporations there are high income or low income areas. So for example, a house in Palmiste would have a higher multiplier than a house on in Diamond or Esperance a few minutes away.
1% have some to pay as well
The_Honourable wrote:Property Tax is fair
THE idea that the Property Tax unfairly targets East Indians was refuted by surveyor and commentator Afra Raymond speaking to Newsday yesterday. At a recent Maha Sabha function, guest of honour surgeon Dr Dilip Dan alleged that the tax maybe being targeted at East Indians who had tirelessly toiled and saved to build their homes rather than squander their earnings.
Raymond however retorted that such a notion of an unfair taxation was an idea imported from the political right-wing in the United States and was not related to the Africans and East Indians of TT. He argued that as property is a store of wealth it should be taxed the same way as a business such as a travel agency into which a pair of business partners had invested their individual capital and was now generating revenues. Raymond made the point that property tax is not charged on capital value, but on rental value.
Lamenting that property tax has not been paid since 2009, Raymond said, "It is long overdue. The quicker they bring it the better."
Source: http://newsday.co.tt/2018/05/21/afra-pr ... x-is-fair/
hong kong phooey wrote:The_Honourable wrote:Property Tax is fair
THE idea that the Property Tax unfairly targets East Indians was refuted by surveyor and commentator Afra Raymond speaking to Newsday yesterday. At a recent Maha Sabha function, guest of honour surgeon Dr Dilip Dan alleged that the tax maybe being targeted at East Indians who had tirelessly toiled and saved to build their homes rather than squander their earnings.
Raymond however retorted that such a notion of an unfair taxation was an idea imported from the political right-wing in the United States and was not related to the Africans and East Indians of TT. He argued that as property is a store of wealth it should be taxed the same way as a business such as a travel agency into which a pair of business partners had invested their individual capital and was now generating revenues. Raymond made the point that property tax is not charged on capital value, but on rental value.
Lamenting that property tax has not been paid since 2009, Raymond said, "It is long overdue. The quicker they bring it the better."
Source: http://newsday.co.tt/2018/05/21/afra-pr ... x-is-fair/
But who/what determines the rental value . the figures i seeing is crazy
hydroep wrote:^Exactly, it's an arbitrary value made by valuators and the higher properties are valued the more money they make. Afra Raymond is not a surveyor/property valuator or something so?...
ProtonPowder wrote:For some of the statements here I can clarify.
Commercial rates are tied to the building, not to the business entity, and are higher than residential rates. Property taxes are not income taxes and cannot be written off if the business draws a loss in a fiscal year.
"Rental rates" are misleading. Yes we know that the majority of owners are not renting their properties. It is a 'potential rental value.' People could understand the basis of capital value even though they not selling their property, but somehow this confusing people.
88sins wrote:ProtonPowder wrote:For some of the statements here I can clarify.
Commercial rates are tied to the building, not to the business entity, and are higher than residential rates. Property taxes are not income taxes and cannot be written off if the business draws a loss in a fiscal year.
"Rental rates" are misleading. Yes we know that the majority of owners are not renting their properties. It is a 'potential rental value.' People could understand the basis of capital value even though they not selling their property, but somehow this confusing people.
but do you know why they chose to use the potential rental value as assessed by the state for this tax? I'll give u 3 guesses, & a hint. it have nuttn to do with the 'that is what they doing all over the world' excuse they would have you believe.
88sins wrote:ProtonPowder wrote:For some of the statements here I can clarify.
Commercial rates are tied to the building, not to the business entity, and are higher than residential rates. Property taxes are not income taxes and cannot be written off if the business draws a loss in a fiscal year.
"Rental rates" are misleading. Yes we know that the majority of owners are not renting their properties. It is a 'potential rental value.' People could understand the basis of capital value even though they not selling their property, but somehow this confusing people.
but do you know why they chose to use the potential rental value as assessed by the state for this tax? I'll give u 3 guesses, & a hint. it have nuttn to do with the 'that is what they doing all over the world' excuse they would have you believe.
ProtonPowder wrote:Because rental values are easier to research than capital values, as they change more rapidly in line with economic conditions.
ProtonPowder wrote:Contrary to what you believe, is not politicians that did the academic work behind this, it is actual chartered valuers and professionals.
ProtonPowder wrote:You might feel that you know, but I actually know.
hong kong phooey wrote:88sins wrote:ProtonPowder wrote:For some of the statements here I can clarify.
Commercial rates are tied to the building, not to the business entity, and are higher than residential rates. Property taxes are not income taxes and cannot be written off if the business draws a loss in a fiscal year.
"Rental rates" are misleading. Yes we know that the majority of owners are not renting their properties. It is a 'potential rental value.' People could understand the basis of capital value even though they not selling their property, but somehow this confusing people.
but do you know why they chose to use the potential rental value as assessed by the state for this tax? I'll give u 3 guesses, & a hint. it have nuttn to do with the 'that is what they doing all over the world' excuse they would have you believe.
this is it "potential" my property tax is close to 9 thousand , i need to verify the value on my water bill and confirm. that mean if is 3% of the rental value then my rental is 250000 a year . at that value the government could rent my place from me and give me that money . how many people in trinidad could spend 1/4 million in rent for the year. so this potential is shite
88sins wrote:ProtonPowder wrote:Because rental values are easier to research than capital values, as they change more rapidly in line with economic conditions.
CorrectProtonPowder wrote:Contrary to what you believe, is not politicians that did the academic work behind this, it is actual chartered valuers and professionals.
on this, you are only half correct. & by that I mean that I know for a fact, those chartered valuers & professionals were given a mandate, that being, recommend the most flexible methods of valuation that are likely to net the state the greatest returns on the implementation of said property tax & allow for rapid & easier assessment increases.ProtonPowder wrote:You might feel that you know, but I actually know.
& there are people all over the place that in fact know more than you think you do, I suspect myself included.
For example, I happen to know for a fact that a certain small group somebody's have been eyeballing a certain somewhere for a few multi-billion dollar projects, specifically urban housing development (private sector investment) & expansion & traffic management. & I am very sure you don't have a clue as to whom these parties are. But I'll give you a hint, some are PNM, & some are UNC, & some are both.
zoom rader wrote:Injun tax continues
How much you all what to bet once you are deemed injun a higher rate will be placed on your head
The Honourable wrote:Govt starts rolling out property tax measures
..."Refusing to reveal where she lived, a third woman said "They called me and told me they were coming to measure the property. I got the name and identification number of the person who called and I verified that she was working at the Valuation Division.
About seven of them came to my home and measured the perimeter of the house. They didn't come inside but asked questions about how many rooms, AC, bathrooms, finishings etc. They said they are creating a database of everybody's property but they aren't in charge of the taxes, obviously the information will be used to assess how much property tax you pay..."
Source: http://www.guardian.co.tt/news/2018-05-26/govt-starts-rolling-out-property-tax-measures
hydroep wrote:Gotta admit, this is kinda funny. A lot of people probably thought that by "being honest" and complying with Colon-in-Butt's directive they would "get away" from the hassle of being visited by valuation officials. To realize that their "good faith" may have been misplaced must have some of them angry and more than a little worried, especially if they weren't totally honest on their forms.The Honourable wrote:Govt starts rolling out property tax measures
..."Refusing to reveal where she lived, a third woman said "They called me and told me they were coming to measure the property. I got the name and identification number of the person who called and I verified that she was working at the Valuation Division.
About seven of them came to my home and measured the perimeter of the house. They didn't come inside but asked questions about how many rooms, AC, bathrooms, finishings etc. They said they are creating a database of everybody's property but they aren't in charge of the taxes, obviously the information will be used to assess how much property tax you pay..."
Source: http://www.guardian.co.tt/news/2018-05-26/govt-starts-rolling-out-property-tax-measures
The lady has every right to be concerned. Questions about A/C and your finishings have nothing to do with the physical criteria allegedly being used to assess the property tax but are quite useful in gauging homeowners' wealth.
And to say they are simply "creating a database of everybody's property" is disingenuous because with so many properties to assess why waste time collecting useless information unless it were important to the process?
Whether they're using this to build up an overall picture of the class of people in an area or directly target certain homeowners her suspicions that it will be used in some form to determine "how much property tax you pay" is probably accurate.
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