Minister of Finance, Colm Imbert, says he has taken note of a misunderstanding regarding the meaning and effect of the Notices of Valuation, which are being posted out to residential property owners.
In a statement on Saturday the finance minister said:
“Although these Notices of Valuation do not refer to Property Tax and are not issued by the Board of Inland Revenue, it is being erroneously promoted by mischief makers that the annual rental value is equal to the property tax that owners will have to pay.”
“The Property Tax Act makes it clear Property Tax is only THREE PERCENT (3%) of the annual rental value for residential properties, after first deducting 10% from the Annual Rental value. It is NOT the same amount as the rental value.”
The finance minister explained: “Following the Notices of Valuation, the Board of Inland Revenue will soon issue Notices of Property Tax.”