FAQs - Real Property Tax Amnesty Program

 

+What do I need to have my property assessed?


To have an assessment conducted on your property you will need to submit to the Real Property Tax Unit:

a) Copy of a Conveyance
b) Completed Declaration Form
c) Survey Plan (if available)
d) Completed Affirmation Form (Residential Property)
e) Appraisal Report (If available)

Assessment of Real Property

+How long do I have to wait to have my property assessed?

A regular assessment can take any time between 2-7 days for completion after the relevant documents are submitted. Please note that due to the influx of applications as a result of this programme that time may be extended. As a result we are asking that you submit the relevant documents to our office as soon as possible.

Assessment of Real Property

+How are values assessed on my property?


The Real Property Tax office has a list of approved rates for various subdivisions. These rates are lower than market value rates. Once the square footage of the building is conformed then the relevant rates are applies accordingly. Please note that if a property objects to an assessment a letter should be submitted to the Chief Valuation Officer as soon as possible along with any relevant documents to substantiate the objection.

Assessment of Real Property

+If my house is valued at under $250,000.00 do I still need to have my      home assessed?

If your home in valued at under $250,000.00 an assessment is still mandatory for information purposes.

+If I have a commercial building am I allowed the exemption of      $250,000.00?

The $250,000.00 exemption applies only to residential properties where the property owner resides.
+What do I do to take advantage of the Amnesty Programme?

The take advantage of the programme the property owner would have to confirm which aspect of the programme applies to their account (s). Once confirmed and are desirous to make payment they can inform the accounts section so that the relevant adjustments can be made to the account after payment is made.

Please note that any amounts deducted from the account as a result of this programme are not automatic. These amounts would have to be physically removed from your account by the accounts section once payment is made.

Real Property Tax (Amnesty) Program

+What are the Property Tax Rates that are applied to buildings to      determine the amount of property tax payable?

The rates applicable are as follows:

Residential Property:
First $250,000.00                                    - Exempted
Next $250,000.00 to $500,000.00        -¾ %
$500,000.00 to $5 m                               -1%
$5m +                                                         -¾%

Commercial Property:
First $500,000.00                                     -1%
Over $500,000.00                                    -2%
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