Finance Minister Colm Imbert has officially announced Government’s intention to reduce the rate of Residential Property Tax from 3% to 2% of a property’s annual rental value.

Today, Mr Imbert laid several amendments to the Property Tax legislation in the Parliament, following what he said were “teething issues” in rolling out the tax.

Those who have already paid their property tax, will receive refunds to reflect the rate reduction.

The Minister also insisted that contrary to signs posted at various Government offices yesterday, there has been no suspension of property tax payments.

He said the posting of the notices was “procedural lapse”.

Debate on the amendments will begin on Monday.