Finance Minister Colm Imbert has announced that the Board of Inland Revenue (BIR) has been given an extension to issue property tax assessment notices, with the new deadline now set for July 31. This extension is crucial to allow the valuation division to send out the necessary annual rental value (ARV) notices and make any adjustments needed. Additionally, the BIR will be able to distribute revised notices to residential landowners and occupants who have not yet received their notices.
As of June 28, a total of over 198,000 ARVs and more than 140,000 revised notices of assessment for property tax have already been delivered through TTPost.
The release from the ministry also highlighted that eligible landowners and occupants can apply to the BIR for a deferral of property tax, especially as the property tax rate has now been reduced from three per cent to two per cent.
Following this update, the public was advised on June 25 to disregard any previous property tax notices of assessment dated before March 6, as these are now considered null and void. This change was made after amendments to the Property Tax Act were introduced, lowering the tax rate payable and requiring all payments, deferrals, and objections to be based on the revised notices.
Citizens are reminded that all property tax payments are due by September 30. The government had originally laid out amendments to the property tax legislation in Parliament back in March.
