Local Government and Community Development Minister, Noel Arscott has announced plans to undertake a long-overdue property revaluation exercise during this fiscal year.
He said the revaluation exercise to be done in collaboration with the National Land Agency should see the local authorities realizing $2.7 billion in revenue.
Arscott said the Ministry will be working to improve the compliance rate for property tax payments from the current 51 per cent to 65 per cent, in the first instance.
Arscott was making his presentation in the 2012/13 Sectoral Debate in the House of Representatives, yesterday.
Last month, private-sector leaders suggested the Government could be sitting on a potential gold mine, if it can correct some of the structural inequities in the way property tax is assessed and devise an effective collection system.
Businessman Paul Scott said one of the biggest flaws in Jamaica is that the tax is not being levied at the correct rate because the authorities have done no evaluations over the last 10 years.
The business leaders argued that parish councils could become financially independent, if a proper collection system were put in place.