July 31st 2024 is the new extension date by the Ministry of Finance for the Board of Inland Revenue to issue Notices of Assessment of Property Tax.
The initial date was June 30, 2024.
Minister of Finance, Colm Imbert, says this has become necessary to permit the Valuation Division to deliver Notices of Annual Rental Value and make appropriate adjustments to ARVs where required.
It will also allow for the Board of Inland Revenue to deliver Revised Notices of Assessment for Property Tax (at the reduced rate of 2%) to residential land owners and occupiers not yet in receipt of same.
As of June 28, 2024, over 198,000 ARVs and over 140,000 Revised Notices of Assessment for Property Tax were dispatched through TTPost for delivery to residential land owners and occupiers.
Further, pursuant to Legal Notice No. 48 of 2024, residential land owners and occupiers who meet the requirements under the Property Tax Act may apply to the Board of Inland Revenue for deferral of Property Tax.
The public is also reminded that pursuant to the Property Tax (Amendment) Act, 2024, the rate of Property Tax was decreased from 3% to 2%.