Places & Spaces
41
Be Informed
A look at the
New Property Tax
Package
R
egardless of your location, job title, gender or religious properties are required to pay taxes in Jamaica. denomination, all owners of residential and commercial In February 2013 the government announced a new tax package in parliament, with the property tax portion set to net a whopping $3.4 billion through a reform of the property tax rate regime, and efforts to increase the low property tax compliance rate. P&S sought to look at what you need to know in order to be fully up-to-date on your property tax. Property tax is levied on property owners in order to
Tax Act as the owner, occupier, mortgagee in possession or other person in actual possession of such property.
Valuation in Jamaica is based on the unimproved value of receive if he were selling the land alone, regardless of the value of any improvements, such as buildings and crops. Several factors determine the (unimproved) value of land including: 1) size of the parcel of land 2) zoning and type of land 3) potential for future development 5) soil classification
the land, that is, the price which the owner would expect to
gain revenue for the provision of public and community
amenities provided by local government and it is charged on the unimproved value of the land. Your taxes are used to finance property-related services in communities
4) topography (elevation & o F?W"7W&f6RfVGW&W2?b?66W72F??V??6??b6???W&6??6W'f?6W2?Br??V?v?&?W&???B6?&7FW&?7F?72?F?&?Vv??WB???6?&?W'G?F??2f?"???FV??6R?BW??6????b7G&VWB?v?F??s?6???V7F????BF?7?6??b6??Bv7FS?6???V??G???g&7G'V7GW&R?B6?f????&?fV?V?G3?&V?&??FF????b&?6????f&?&?G2?F???7G&F????b??6?WF??&?F?W2?&W?'2F?f?&R7FF???2?@????r?F?6?7V?FRv?B??R?fRF???fW"?2&WGG?7G&?v?Bf?'v&B?&?W'F?W2v?F??V???&?fVBf?VR?bWF??C??v???&R6?&vVBf?B&FR?b?C???F??6Rv?F?f?VW2W?6VVF??r?C??WF??C???v???GG&7B?FF?F?????RRf?"WfW'?FF?F????F??? ????rv???2&W7??6?&?Rf?"???r&?W'G?F??????R???76W76????b??B?7V6?W'6???2FVf??VB'?F?R&?W'G???&?fR?C???B&?W'F?W2v?F?f?VW2W?6VVF??p???