PROPERTY TAX AMENDMENTS IN T&T

CONTACT US HERE

Share This:

​The Property Tax (Amendment) Act, 2024, introduced to Parliament, on March 15, 2024, and assented to on March 27, 2024, heralds a shift in the property tax landscape of Trinidad and Tobago. By amending the Property Tax Act Chapter 76:04, this Act addresses concerns of property owners over the fairness and accuracy of property tax assessments, marking a step toward a more equitable and transparent property tax regime.

Addressing Property Owner Concerns

In response to issues highlighted by property owners, such as inconsistencies in the Annual Rental Values, discrepancies in values for similarly situated properties, and opaque valuation methodologies, the Act sets forth provisions to aiming to ensure a fairer, more transparent approach to property tax assessment.

Strategic Amendments Enacted

The Property Tax (Amendment) Act, 2024, introduces several key amendments, including:
​

• Reduction of Residential Property Tax Rate: The Act decreases the tax rate for residential properties from 3% to 2%, offering relief to homeowners and better aligning the tax burden with current market conditions.
  
  
• Extension of Time for Notices of Assessment (2024 Only): To enhance the accuracy of valuations, the Act extends the deadline for the issuance of Notices of Assessment to June 30, 2024, allowing additional time for a thorough review of valuations.
  
  
• Enhanced Flexibility for Government Actions: Through the Act, the Minister of Finance gains the authority to extend critical tax-related deadlines via Order, ensuring governmental responsiveness to changing circumstances.
  
  

Key Legislative Changes

• Introduction of Section 17A: Facilitates the delayed issuance of Notices of Assessment for the year 2024, allowing for adjustments in valuations where necessary.
  
  
• Revision of Section 52: Grants the Minister the power to extend deadlines through Order, validating actions taken within these extended periods and enhancing administrative flexibility.
  
  
• Modification of Section 53A(a): Adjusts the legislative process for changing tax rates, enhancing efficiency and responsiveness.
  
  
• Adjustment of Tax Rate in Schedule I: Formalizes the reduction in the residential land tax rate to 2%, reflecting an intention to lessen the financial load on homeowners.
  
  
• Retroactive Application: The reduction in the residential tax rate applies retroactively from January 1, 2024.
  
  

The Implications

The Property Tax (Amendment) Act, 2024 (Act No. 3 of 2024), represents a legislative response to issues identified within Trinidad and Tobago's property tax system. This Act aims to address key concerns raised by property owners regarding fairness and transparency in tax assessments. Through amendments such as the reduction of the tax rate for residential properties and extensions for the issuance of Notices of Assessment for the year 2024, the Act seeks to adjust the property tax burden and improve the overall tax administration process.

The Act marks a notable change in the property tax framework, introducing measures intended to ensure a more consistent application of tax policies and potentially enhance the relationship between taxpayers and the government. It reflects an effort to align the property tax system more closely with the current conditions of the property market, aiming for a system that is responsive to economic and societal needs. The revisions brought about by the Act could contribute to the ongoing development of a property tax regime that balances the needs of the government with those of property owners. The practical outcomes of these legislative amendments remain to be observed as they unfold in context of the real world.

​Important Notice: This post does not constitute legal advice. Always seek consultation with an attorney for your specific legal concerns, as only a professional familiar with the details of your situation can provide proper guidance. 

​This website is managed by AURORA Chambers; a law practice in Trinidad and Tobago.

Click HERE to receive updates straight to your inbox by subscribing to our newsletter.