The Finance Ministry is reminding that Property Tax amounts to 2.7% of a property’s annual rental value.

In a media release, the Ministry says there is a misguided belief that the annual rental value stated in Notices of Valuation is the amount of tax to be paid.

However, it clarifies that to understand what the annual Property Tax will be property owners need to multiply the annual rental value in the Notices of Valuation by 2.7%.

For example, if a property has been assessed at an annual rental value of $60,000, property tax will be $1,620 annually, or $135 per month.

The Ministry says Property Tax Notices will be sent out by the Board of Inland Revenue in January 2024.