New property tax rates take effect April 1
KINGSTON, Jamaica – New Property Tax rates recently announced by government take effect on April 1, the Tax Administration Jamaica (TAJ) says.
According to TAJ, as a result of the change in the rates, all properties with an unimproved value up to J$100,000 will now be charged a flat rate of J$1,000. Properties with values exceeding J$100,000 up to J$1 million will attract an additional 1.5 per cent for every additional dollar above J$100,000. Properties with values exceeding J$1million will attract an additional 2.0 per cent for every additional dollar.
The TAJ has warned that if the tax is not paid within the applicable month, then payment of tax, penalty and interest may be enforced as provided under the law.
Unpaid taxes will incur a penalty charge of 10 per cent, and interest charge of 15 per cent per annum until paid in full.
With the increase in property tax taking effect, the TAJ advises that property tax payments may be made in half-yearly instalments on April 1 and October 1 or in quarterly instalments April 1, July 1, October 1, and January 1.
For more information call 1-888-TAX-HELP (1-888-829-4357) (local) or 1-888-GO-JATAX (1-888-46-52829) (USA) or visit www.jamaicatax.gov.jm