Organization : Ministry of Finance
Facility : Property Tax Frequently Asked Questions FAQs
Applicable For : Tax Payers
Country : Trinidad & Tobago
Website : https://www.finance.gov.tt/propertytax/frequently-asked-questions/
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Finance TT Property Tax FAQs
The Property Tax is governed by the The Property Tax Act, 2009 and the Valuation of Land Act Chapter 58:03, amended by Act #17 of 2009. This Act replaces the Land and Building Taxes Act and Part V of the Municipal Corporations Act #21 of 1990.
Related : Ministry of Finance Trinidad & Tobago Reducing Your Income Tax : www.statusin.org/42491.html
The Valuation of Land Act empowers the Commissioner of Valuations to value properties based on an Annual Rental Value.
Is property tax a new tax?
No, property tax is not a new tax. Property tax has been in existence in Trinidad and Tobago since pre-independence. The government has waived the payment of property tax for the period of 2010-2015, as such the tax is payable with effect from 2016.
How is the new system different from the one last paid in 2009?
More equitable :
** Tax rates are now standardised throughout the country.
User friendly :
** Information on the Valuation process and the Assessment process will now be made available online;
** Persons will be able to make payments at any District Revenue Office regardless of where the property is located;
** Notice of Assessment (Invoice) will be computerized.
What is the Land Valuation and Property Tax Process?
** The Valuation Return Form (VRF) will be delivered to property owners via post or forms can be collected from any Valuation Division office or downloaded from the Ministry’s website
** Property Owners/Agents may complete the VRF and submit to any office of the Valuation Division
** The Valuation Division may conduct a physical assessment of the property. If a physical assessment of the property is required, the Commission of Valuations will give a written notice.
** The Valuation Division will then calculate the Annual Rental Value (ARV)
** The Commissioner of Valuations creates the Valuation Roll
** The Commissioner of Valuations will serve notice of the valuation to the owner
** Owner within 30 days after service of the notice of valuation, may post or lodge with the office of the Commissioner of Valuations, an objection in writing against the valuation
** After the creation of the Valuation Roll (on the basis of annual rental value) this will be forwarded to the Inland Revenue Division (IRD)
** The IRD will calculate the Annual Taxable Value (ATV) (see question 12)
** The applicable rate of tax will be applied to the ATV
** The IRD will invoice (Notice of Assessment) the property owner
How is the value of my property calculated?
Valuers take several factors into account in calculating the rental value of the property. Some factors include property classifications, quality of construction and condition, the location of the property and the market rental value of similar properties in the neighbourhood.
Who is responsible for valuing my property?
The technical and professional staff of the Valuation Division. This will be done at NO cost to the property owner.
How does the Valuation Division get information on my property?
** From the information provided by the property owner/agent on the Valuation Return Form (VRF);
** Commissioner of Valuations may also request supporting documents from property owners/agents;
** Information will also be collected by Field Assessors from the Valuation Division who will visit properties;
** As outlined in the Valuation of Land Act, any department of Government other than the department concerned with the administration of the Income Tax Act shall, at the prescribed time and in the prescribed form, furnish to the Commissioner such information in possession of their departments as may be required by the Commissioner.
Property Tax Calculation
Will all properties on the same street have the same property taxes to pay?
Not necessarily. The rental values of houses, on the same street, may vary according to classification of the building, floor area of the building, age, condition and internal layout of the building.
If I operate a small business from my home, do I pay residential property tax or commercial property tax?
Property will be assessed by its proportional use.
Can property tax be deferred?
As outlined in the Property Tax Act, the Board of Inland Revenue may upon the application of the owner of land authorize the deferral of the payment of the assessed tax on the land on the grounds of the impoverished condition of the owner and his inability to improve his financial position significantly by reason of age, impaired health or other special circumstances, that undue hardship to that owner would otherwise ensue.
When will I know how much I have to pay?
The Board of Inland Revenue shall issue a notice of assessment identifying the tax payable and the time when and where such tax is to be paid as well as the penalties and consequences in failure to pay the tax.
The notice shall also state the right to object to the assessment and the procedure to be utilized in making an objection.
Where can I pay property taxes?
You can pay at any District Revenue Office (even in a region different from where your property is located).