Property Tax Reform By 2015

The Government expects that property tax reform will be ready for implementation by the start of the financial year 2015/16.

This is outlined in the Supplementary Memorandum of Economic and Fiscal Policies, submitted to the International Monetary Fund (IMF), which was tabled in the House of Representatives on March 25, by Minister of Finance and Planning, Dr. the Hon. Peter Phillips.

The property tax reform will include amendments to the Property Tax Act and the Land Valuation Act, to provide for the publication of names, valuation numbers, addresses and amounts outstanding of delinquent property owners in the public media, subject to court proceedings, as well as provisions to allow for a wide array of media for the posting of assessment notices.

The Land Valuation Act will also be amended to provide for interim adjustment of land value periods of no more than two years, to take account of changes in the economic conditions/and or change in the use of properties.

All residential and commercial properties are subject to tax in Jamaica. Property tax is levied on property owners to provide revenue for the provision of public and community amenities provided by the local government. It is charged on the unimproved value of the land.

This tax is due and payable on April 1 each year. Payments can be made annually, biannually or quarterly.