Property Tax soon

All property owners are now required to complete a valuation return form (VRF) in keeping with the Valuation of Land Act and submit same with supporting documents to the Valuation Division of the Finance Ministry.

The forms are to enable calculation of a property’s annual rental value to work out the rate of property tax. A Ministry of Finance release yesterday stated this is in keeping with Finance Minister Colm Imbert’s 2017 budget statement that property tax will be implemented this fiscal year.

The release said that within the next week, residential property owners can expect to receive VRFs in the mail. The forms are also available at any office of the Valuation Division and can be downloaded from the ministry’s website: www.finance.gov.tt/ propertytax The forms should be submitted in a sealed envelope to any of eight offices of the Valuation Division by May 22. The offices are located at 206, Caroni Savannah Road, Charlieville, Chaguanas; Techier Main Road, Point Fortin; Head Office, 109 Henry Street, Port-of-Spain; 29 - 31, Point-a- Pierre Road, Palms Club Building, San Fernando; Corner of Brierley and Henderson Streets, Sangre Grande; Siparia Administrative Complex, High Street in Siparia; Caroline Building, 2 Hamilton Street, Scarborough and at 25-27 Eastern Main Road in Arouca. Once submitted, the Commissioner of Valuation may notify property owners of field visits to assess and verify the information in the forms.

Property owners will be sent, via post, an assessment notice from the Board of Inland Revenue with information on the tax liability and the deadline date for payment. Property tax is governed by the Property Tax Act, 2009 and the Valuation of Land Act Chapter 58:03, which repealed the Land and Building Taxes Act Chapter 76:04 and Part V of the Municipal Corporations Act Chapter 25:04. The Valuation of Land Act was substantially amended by Act No 17 of 2009.

More information can be found at www.finance.gov.tt/propertytax or the property tax hotline 612-9700, option #7.