The government reveals there has been no suspension of Property Tax but has taken note of various issues raised in the public domain regarding the valuation of residential properties.
Minister of Finance, Colm Imbert, explains the government will take appropriate action to alleviate the concerns as the new system is being rolled out.
In the parliament on Friday it was revealed some of the issues raised by property owners at the middle to upper levels include the annual rental values identified in valuation notices are not consistent with the expectation of property owners or the residential land market.
Some residential land owners and occupiers in close proximity of each others have complained about discrepancies in annual rental values that appears illogical to them.
Other residential land owners and occupiers have complained about what they consider to be the obscure manner through which some annual rental values have been determined.
There are some duplicate valuation notices that have been issued to residential land owners.