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Ministry clears air after Property Tax online video

The Ministry of Finance issued a statement over the weekend to clear up any misconception regarding the Notices of Valuation are being posted out to property owners.

One such property owner recently uploaded a video, erroneously promoting the large amount of tax he will have to pay, when in fact the figure shown was the annual rental value.

The Ministry notes that the tax that will be charges is only 3 per cent of the annual rental value for residential properties.

This is calculated after first deducting 10 per cent from the value.

For example, a property which has been assessed to have an annual rental value of $36,000, will attract property tax of $972 per YEAR or $81 per MONTH.

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