Skimlinks
Property Tax
Photo by Binyamin Mellish on Pexels.com.

Property Tax: Notices of valuation are currently being dispatched to property owners

A series of videos have been circulating on social media recently quoting property tax rates in excess of TT$24,000. The Ministry of Finance, and specifically the Valuation division, has released some information to clear the air on the matter.

Please see the information below:

Gold Investment | Build Your Financial Future | Vaulted

Notice of Valuation for Property Tax

The Commissioner of Valuations wishes to advise that Notices of Valuation are currently being dispatched to property owners. The Notice of Valuation provides the Annual Rental Value (ARV) of your property.

The Notices of Valuation and computations of ARV were done in accordance with the Valuation of Land Act Chap 58:03 which governs the valuation of land. This Act has been amended by Act No. 17 of 2009. Act No. 5 of 2018, Act No. 21 of 2022, Legal Notice No. 69 of 2023, Act No. 5 of 2023 and Legal Notice No. 212 of 2023

The ARV is NOT the amount of Property Tax you have to pay. The ARV is the annual rent which a particular land (for example, residential) is likely to attract. You should receive a notice of assessment from the Board of Inland Revere (BIR) which will state the Annual Taxable Value (ATV) of your property. According to Schedule I of the Property Tax Act Chap. 76:04, the property tax payable is a percentage of the ATV and is calculated as follows

Residential: 3% of the annual rental value, after first deducting 10%

(AYV-10%) x 3%

$36,000 – $3,600 = $32,400 x 3% Annual property tax would be $972

Commercial: 5%.

Industrial

  • Plant and machinery not housed in a building: 3%.
  • Plant and machinery housed in a building: 6%.

Agricultural: 1%

Screenshot 2023 02 08 200711

Get the legal help you need, with our DIY services or attorney advice. Either way, we’ve got your back.

Upon receipt of your Notice of Valuation the property owner may object in accordance with section 19 of the Valuation of Land Act under the following grounds

(a) that the values assessed are too high or too low,

(b) that lands which should be included in one valuation have been valued separately:

(c) that lands which should be valued separately have been included in one valuation,

(d) that the person named in the notice is not the owner of the land,

(e) that the annual rental value of any land appearing in the Valuation Roll is incorrect or unfair having regard to other annual rental values therein

(f) that land should not have been included in the Valuation Roll,

(g) that land omitted from the Valuation Roll should be included therein, Rate of Tax payable (% of ATV)

(h) that land included in a series or complex of land units as a single land on the Valuation Roll should be listed separately on the Valuation Roll or omitted therefrom:

  • that land listed separately in, or omitted from the Valuation Roll should be combined with one or more of a series or complex of land units and listed as one single unit of land; and Industrial
  • that the Valuation Roll is incorrect in some other material particular
Screenshot 2023 10 03 135014

Toyota HILUX Auto Parts

Years available: 1968 – 2022

Below is a list of Frequently Asked Questions (FAQS):

1. If I wish to submit an objection to my Notice of Valuation, where can I do so?

Answer: Objections may be submitted online at valuationdivision@gov.tt or at any one of the offices

Valuation Division Regions and Contact Information

RegionAreaOffice AddressTelephoneFaxEmail Address
1Barataria (Head Office)Churchill Court #19, #29, #29A Estate Trace, Barataria612-1715, 623- 4221623-5874valdiv.pos@gov.tt
2Tunapuna25-27 Eastern Main Road, Arouca692-6633/4692-6635valdiv.aro@gov.tt
3Arima25-27 Eastern Main Road, Arouca692-6633/4692-6635valdiv.arm@gov.tt
4Sangre Grande25-27 Eastern Main Road, Arouca692-6633/4692-6635valdiv.gre@gov.tt
5Chaguanas206 Caroni Savannah Road, Charlieville, Chaguanas671-9139/665-1724/665-3092665-1724valdiv.chag@gov.tt
6Rio Claro29-31 Point-a-Pierre Road, Palms Club Building, San Fernando653-6664/652-4621/651-2427652-3563valdiv.rio@gov.tt
7San Fernando29-31 Point-a-Pierre Road, Palms Club Building, San Fernando653-6664/652-4621/651-2427652-3563valdiv.sando@gov.tt
8Princess Town#100 High Street Princess Town651-2427/612-1715 valdiv.sando@gov.tt
9Point FortinTechier Road, Point Fortin648-2052648-61003valdiv.pf@gov.tt
10SipariaSiparia Administrative Complex, High Street, Siparia649-2476/3640649-3640valdiv.sip@gov.tt
11TobagoAhmad Ghany Building, No.39 Wilson Road, Scarborough, Tobago612-1715 Exts. ā€“ 9100, 9108 or 9113  valdiv.tb@gov.tt

2. If I receive more than one notice for the same property what do I do?

Answer: If you have received more than one Notice of Valuation please contact your nearest Valuation Division office and be ready to provide your PIN number and relevant information

iTunes

3. I submitted a return but didn’t receive a Notice of Valuation. What am I to do in this instance?

Answer: You can contact the nearest Valuation Division Office with your PIN number name and address to make an inquiry.

4. What is the timeframe within which I can file an objection?

Answer: According to Section 19 of the Valuation of Land Act, an objection may be filed within thirty (30) days after the Notice of Valuation was served

Screenshot 2023 07 02 181428

Legion Slim 5 Gen 8 (16ā€³ AMD) Gaming Laptop

  • Push gameplay beyond performance with AMD Ryzenā„¢ 7000 series processors
  • NVIDIAĀ® GeForce RTXā„¢ 40 Series Laptop GPUs offer new ways to create & ultimate speed
  • Beat the competition with AI-tuned performance via Lenovo AI Engine+ with LA1 AI chip.
  • Lenovo Legion ColdFront 5.0 thermal technology keeps things chill, smooth & whisper-quiet
  • Massive 16ā€³ 16:10 Lenovo PureSight gaming display with true-to-life colors, lightning-fast refresh rate

Was US$1,299.99

Now US$959.99

5. Can I file an objection after the time limit for doing so has elapsed?

Answer: An objection may not be filed after the time limit of thirty (30) days from the date the Notice of Valuation was served/received

6. Can someone object on my behalf?

Answer: Only the owner of the property as defined in the Act can object. According to the Valuation Act owner includes the owner or occupier of any land, or the receiver, attorney, agent, manager, guardian or committee of any such owner or occupier and any other person in charge or having the control or possession of any land in the right of the owner, or having the possession in his or her own night or as guardian of any person of any such land.

PlushCare

7. Does objecting to a Valuation Notice exclude me from paying Property Tax?

Answer: No. According to Section 23 of the Valuation of Land Act as amended, the fact that an objection has been made or an appeal is pending does not interfere with or affect the recovery of tax under any written law. You are therefore still required to follow the instructions in the notice of assessment that you should receive from the Board of Inland Revenue

8. How long does the objection process take?

Answer: According to the Valuation of Land Act, you are required to submit your objection to the Commissioner of Valuations (COV) within 30 days of having received the Notice of Valuation. The office of COV is to respond to the notice of objection within 12 months. Should there be a disagreement with the response there is recourse through the Appeal Tribunal and then to the High Court, but the latter only on points of law.

bluehost

9. My house and my relative’s house are almost the same size, but the annual rental values are very different, how can this be?

Answer: There are a number of factors that would contribute to the difference in the annual rental values of similarly sized properties, which include location and physical condition

10. I have a certificate of comfort; would I be considered the owner of the property?

Answer: The Valuation of Land Act defines “owner” as including the owner or occupier of any land, and the receiver, attorney, agent, manager, guardian or committee of any such owner or occupier and any other person in charge or having the control or possession of any land in the right of the owner, or having the possession in his or her own right or as guardian of any person of any such land; Therefore, for the purposes of the Valuation of Land Act, you will be considered an owner of the property.

Kaspersky
Property Tax in Trinidad and Tobago

The Property Tax Act, 2009

____________________________

Playstation 5 Pro

Every month in 2024 we will be giving away one PlayStation 5 Pro. To qualify join our Facebook group, TikTok and Subscribe to our Sweet TnT Magazine YouTube channel

When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.

Recent Articles

You may also like:

Minimum wage: 10 pros and cons of increasing pay of workers

What are ESG regulations and how it will affect you 

CBDC status in 123 countries in 2023

How to retire rich while working for minimum wage

Mastering your money: Proven strategies for financial success

What are the benefits of a dollarized economy?

CBDC adoption: How to protect yourself and assets

A whole investment firm of one.

Investing doesnā€™t have to be that hard.

Access stocks, ETFs, and more. Oh, and no commission fees. Thatā€™s right. Zero. Nada. Zilch. Your first stock is even on us.

*Conditions apply

About Sweet TnT

Our global audience visits sweettntmagazine.com daily for the positive content about almost any topic. We at Culturama Publishing Company publish useful and entertaining articles, photos and videos in the categories Lifestyle, Places, Food, Health, Education, Tech, Finance, Local Writings and Books. Our content comes from writers in-house and readers all over the world who share experiences, recipes, tips and tricks on home remedies for health, tech, finance and education. We feature new talent and businesses in Trinidad and Tobago in all areas including food, photography, videography, music, art, literature and crafts. Submissions and press releases are welcomed. Send to contact@sweettntmagazine.com. Contact us about marketing Send us an email at contact@sweettntmagazine.com to discuss marketing and advertising needs with Sweet TnT Magazine. Request our media kit to choose the package that suits you.

Check Also

From startup to success: How entrepreneurship in Singapore powers the economy.

The role of entrepreneurship in Singapore to fuel economic growth

Singaporeā€™s remarkable economic transformation is a success story that has earned global recognition, transitioning from …

Firstbase.io: Launch and grow a US business from abroad.

Firstbase.io: A complete solution for non-resident business owners in the United States

Starting a business in the United States as a non-resident can seem challenging, especially with …

Leave a Reply

Discover more from Sweet TnT Magazine

Subscribe now to keep reading and get access to the full archive.

Continue reading