The government intends to reduce the rate of residential property tax from three percent to two percent.
It says this represents a thirty-three percent reduction in the tax.
In the House of Representatives on Friday, Finance Minister, Colm Imbert, said this is intended to reduce the impact of the new valuations.
He said some property owners believe the old 1948 valuations should still be used in the modern era in 2024.
He explains it is important to gradually adjust and correct that erroneous belief.
It was revealed a request was made through the Permanent Secretary in the Ministry of the Finance to cease the collection of Property Tax until the new rate of residential property tax is in effect.
Additionally, the government has been advised by the Board of Inland Revenue, a total of 801 payments of the property tax had been made up to Wednesday March 13th 2024 for a total of one million, 30 thousand , 864 dollars and 55 cents in annual property tax.
All of these tax payers will be issued with new tax notices at the new rate of two percent and refunded and BIR has been asked to do so promptly.