The Finance Minister has confirmed that property tax will be applicable from January 1st, 2024.

Colm Imbert made the revelation during the sitting of the House of Representatives yesterday.

Confirmation came as he explained that the tax will not be collected for years prior to 2024.

Back in October during the budget presentation, Mr Imbert stated that around 50% of residential property owners will pay between $540 and $1,080 annually.