Community
Property Tax Lowered from 3% to 2%
The government lowers the property tax rate to 2% from 3% and issues refunds for 801 payments. Unauthorised suspension notices are regretted
Port of Spain, Trinidad & Tobago – March 2024 – Finance Minister Colm Imbert announced in Parliament on Friday that the government would be lowering the Property Tax rate from 3% to 2%. This significant decision was made to address initial rollout challenges of the new property tax law, which he described as novel compared to the previous Land and Building Tax.
This rate adjustment directly affects 801 payments made up to March 13th, 2024. Minister Imbert has instructed the Board of Inland Revenue (BIR) to apply the new rate to these payments and to promptly issue refunds, totaling over TT$1 million, to those who overpaid.
Additionally, Imbert acknowledged and deemed “regrettable” the issuance of unauthorized suspension notices for Property Tax payments that were posted by well-intentioned employees. He emphasized the critical need for official authorization in such matters in the future. This move by the government aims to alleviate some of the financial burden on property owners and streamline the implementation of the new tax system.
