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The_Honourable
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Re: Property Tax in Trinidad & Tobago

Postby The_Honourable » May 25th, 2023, 9:54 am

Government readying for property tax – Imbert: 232,000 homes assessed

FINANCE Minister Colm Imbert on Wednesday said 232,000 residential properties have been assessed for value to form part of the land valuation roll which will be the basis of the property tax.

He spoke in the House of Representatives where he piloted the Valuation of Land (Amendment) Bill, 2023 which disaggregates the country's properties into four classes – residential, commercial, industrial and agricultural.

He said there was nothing draconian about the registration process.

With property tax at three per cent of a property's rental value, Imbert said to find the latter a valuer would examine factors such as the property market, individual aspects of a property such as its condition and location, and the topography of the land on which it was located.

He said a property could also be assessed on the basis of similar properties being rented plus national indicators. He said it would be "quite easy" to determine the rental value. He said very few areas have no rented houses, as he noted a high proportion of the population live in rented houses.

Imbert said the number of applications for public housing exceeded 100,000.

"It is also quite simple for the Valuation Division to do computer-assisted mass appraisal."

This mass appraisal would be done for similar houses in the same areas, but he also added that it could be done for samples of thousands of homes.

Imbert said in the US, property tax paid was typically US$3,700 per year (equivalent to $25,000 per year), while in the UK it was equivalent to $20,000 per year.

He said in TT it would be $1,000-1,200 per year. "So our tax is not as draconian as some persons would like us to believe. We need to get on with this."

Imbert accused some MPs of speaking out of both sides of their mouth, in lamenting shortfalls in funding for local government while also opposing the property tax.

The number of properties identified in TT from all sources - including aerial photos, TTEC data, and old land records was 600,000, he said.

TTEC data said 400,000 of these were residential, according to the type of electricity meter serving the property.

Some 49,000 were commercial, 3,000 industrial and the rest were agricultural and other.

He said the Valuation Division had digitized data on 570,541 properties in TT.

Imbert said the division said some time ago the number of residential properties registered has exceeded the 50 per cent threshold required to enact property tax.

Some 232,000 residential properties have been valued and were ready for the roll, he said.

"I'm satisfied within the next month the Commissioner of Valuation will produce the valuation role.

The roll then goes to the board of revenue to apply three per cent of rental value, Imbert added. He estimated lower-end taxes to be $90 per month, but high-end property owners paying more, such as up to $4,600 per year for houses in areas like Valsayn. "That's still one quarter of what it would be if you were living in England or the US, in a much smaller unit." This type of tax was used in more than 150 countries in the world to provide an income stream for local government, he said.

"What we are doing is finally bringing TT into the modern era, finally creating a dedicated income stream for municipal corporations no matter which political party is in charge, and finally providing local government bodies with the funding they require."

https://newsday.co.tt/2023/05/24/govern ... -assessed/

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Re: Property Tax in Trinidad & Tobago

Postby Kickstart » May 25th, 2023, 2:28 pm

PNM Victory at local elections and 2025

Please pay your taxes

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Re: Property Tax in Trinidad & Tobago

Postby shake d livin wake d dead » May 26th, 2023, 4:43 pm

So if at least 400k homes are residential and 232k were assessed to be paying soon.....what happens to the remaining 168k???,

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Re: Property Tax in Trinidad & Tobago

Postby The_Honourable » May 26th, 2023, 8:27 pm

shake d livin wake d dead wrote:So if at least 400k homes are residential and 232k were assessed to be paying soon.....what happens to the remaining 168k???,


From what I understand, Imbert just needed to meet the 50% residential threshold to trigger the new tax which happened a year ago. The remaining 168k would still be scheduled to be assessed.

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Re: Property Tax in Trinidad & Tobago

Postby aaron17 » May 26th, 2023, 8:35 pm

Kickstart wrote:PNM Victory at local elections and 2025
Please pay your taxes


:drinking: :drinking:

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Re: Property Tax in Trinidad & Tobago

Postby Kickstart » May 26th, 2023, 10:38 pm

aaron17 wrote:
Kickstart wrote:PNM Victory at local elections and 2025
Please pay your taxes


:drinking: :drinking:
People not Serious

Pnm Victory 2023 & 2025

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Re: Property Tax in Trinidad & Tobago

Postby bluefete » May 27th, 2023, 8:06 am

Imbert give himself any exemptions from property tax as yet?

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Re: Property Tax in Trinidad & Tobago

Postby aaron17 » May 27th, 2023, 8:21 am

We shall see

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Re: Property Tax In Trinidad & Tobago

Postby paid_influencer » June 3rd, 2023, 3:00 pm

PM: Just $3 a day
Property tax costs ‘less than a dinner mint’


FOR the “average person” property tax will cost $3 a day, “less than a dinner mint”.

So said Prime Minister Dr Keith Rowley as he sought to justify the Government’s decision to impose property tax in order to fund the operations of reformed local government bodies.

..

“But no, like everything else, including child marriage, they opposed it. They opposing it on the grounds that you are going to have to pay property tax. Ladies and gentlemen, if you have no property, you will have no property tax to pay.

And those who have property abroad, they are the first in line to pay it out there. And, of course, if you have property and you have difficulty for reasons that can be established, in paying this tax, there is provision in the law for the Minister of Finance to give you an exemption..

.For example, you are somebody who is on government help already. We have 65,000 people who get government grants...some of those people have houses and as such can make a case that they can’t pay the tax. But the other 400,000 people with houses in the country, the average person can pay an average price. And the average price you’re talking about is about $1,200 to $1,300 a year, that’s $3 a day, less than a dinner mint,” he said.



https://trinidadexpress.com/news/local/ ... 58e82.html

does rowley really think a dinner mint is $3

maybe that is rich people dinner mint? $1,200 to $1,300 a year in dinner mint
Last edited by paid_influencer on June 3rd, 2023, 3:02 pm, edited 1 time in total.

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Re: Property Tax In Trinidad & Tobago

Postby maj. tom » June 3rd, 2023, 3:02 pm

well why he didn't break it down to cents per hour? Ent that easier for poor people to understand? Why not oxygen per second?

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Re: Property Tax In Trinidad & Tobago

Postby paid_influencer » June 3rd, 2023, 3:03 pm

how much is a dinner mint i dont know

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Re: Property Tax In Trinidad & Tobago

Postby paid_influencer » June 3rd, 2023, 3:04 pm

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

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Re: Property Tax In Trinidad & Tobago

Postby DMan7 » June 3rd, 2023, 3:20 pm

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

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Re: Property Tax in Trinidad & Tobago

Postby The_Honourable » June 3rd, 2023, 3:28 pm

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

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Re: Property Tax in Trinidad & Tobago

Postby shake d livin wake d dead » June 3rd, 2023, 5:27 pm

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?

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Re: Property Tax in Trinidad & Tobago

Postby maj. tom » June 3rd, 2023, 5:39 pm

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

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Re: Property Tax in Trinidad & Tobago

Postby sMASH » June 3rd, 2023, 5:44 pm

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.

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Re: Property Tax in Trinidad & Tobago

Postby gastly369 » June 4th, 2023, 9:38 am

maj. tom wrote: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

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Re: Property Tax in Trinidad & Tobago

Postby maj. tom » June 4th, 2023, 10:35 am

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!

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Re: Property Tax in Trinidad & Tobago

Postby Rayden6 » June 5th, 2023, 1:42 pm

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

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Re: Property Tax in Trinidad & Tobago

Postby Premchand1976 » June 11th, 2023, 8:35 pm

shake d livin wake d dead wrote: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

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Re: Property Tax in Trinidad & Tobago

Postby DMan7 » June 11th, 2023, 9:08 pm

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.

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Re: Property Tax in Trinidad & Tobago

Postby The_Honourable » June 11th, 2023, 9:13 pm

Stephan Reis


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Re: Property Tax in Trinidad & Tobago

Postby The_Honourable » October 21st, 2023, 10:19 am

$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

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Re: Property Tax in Trinidad & Tobago

Postby viedcht » October 21st, 2023, 12:16 pm

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

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Re: Property Tax in Trinidad & Tobago

Postby zoom rader » October 21st, 2023, 12:19 pm

The_Honourable wrote:$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

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Re: Property Tax in Trinidad & Tobago

Postby adnj » October 21st, 2023, 12:28 pm

.....
Last edited by adnj on December 9th, 2023, 5:46 pm, edited 1 time in total.

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Re: Property Tax in Trinidad & Tobago

Postby shake d livin wake d dead » October 21st, 2023, 12:50 pm

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


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

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Re: Property Tax in Trinidad & Tobago

Postby Rayden6 » October 21st, 2023, 1:31 pm

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

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Re: Property Tax in Trinidad & Tobago

Postby adnj » October 21st, 2023, 2:13 pm

Rayden6 wrote:And they not even making it known that if it is not paid the property would be seized....


PROPERTY TAX ACT 2009 PART V.41
Last edited by adnj on October 21st, 2023, 2:13 pm, edited 2 times in total.

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