Home and property owners will soon be mandated to provide the Commissioner of Valuations with their property’s value, as the Government gets ready to start the collection of property tax.
Speaking during the presentation of the 2021/2022 budget in Parliament, Finance Minister Colm Imbert said the Commissioner will be making mandatory requests under Section 29 of the Valuation of Land Act.
“The objective is to commence the collection of property tax in 2021, starting with residential properties,” he stated. “We continue to assure property owners that the rate of this tax will be both fair and reasonable and will not present an onerous burden on them.”
Imbert said the taxation of commercial, industrial and agricultural properties will follow in that order.
He said an online option will be soon made available for the submission of information by owners.