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Property tax increase below expectation in most cases — Shaw

Published:Thursday | March 30, 2017 | 10:06 AM

The Finance Minister Audley Shaw is stressing that the increase in property taxes in most cases is less than would have been expected based on the increase in property values.

He says this is because while property values have gone up the Government has slashed the property tax rate.

Shaw notes that rates have been moved from between 1.5 and 2 per cent to the much lower range of rates between 0.8 per cent and 1.3 per cent.

He says as a result, about 35 per cent of taxpayers will pay either less property tax or see no change in their obligation.

However, another 65 per cent of taxpayers will see an increase in their tax obligation.

Meanwhile, Shaw has emphasised that mechanisms are in place for people who wish to challenge the valuation.