KINGSTON, Jamaica — Tax Administration Jamaica (TAJ) is advising landowners that the new property tax regime, recently announced by the Government, takes effect on April 1, which coincides with the property tax due date for fiscal year 2017-18.

As a result of the reform of the property tax system, the number of value bands has been expanded to nine, with reduced tax rates ranging from a flat rate of $1,000 on properties valued at $400,000 or less, up to high of 1.3 per cent on properties valued over $30,000,000.

According to a TAJ release this morning, the lowered rates are being applied against 2013 property valuations and will also now apply on a graduating scale allowing property owners to benefit from the rate applicable to each preceding value band.

The ranges are as follows:

for the first $400,000.00                …            …            $1,000.00

for the next $400,000.00               …            …            0.80 per cent

for the next $700,000.00               …            …            0.85 per cent

for the next $1,500,000.00           …            …            0.90 per cent

for the next $1,500,000.00           …            …            1.05 per cent

for the next $2,500,000.00           …            …            1.10 per cent

for the next $5,000,000.00           …            …            1.15 per cent

for the next $18,000,000.00         …            …            1.25 per cent

for every dollar thereafter           …            …            1.30 per cent

Based on the adjustments, more than 272, 000 property owners will benefit from a reduction in property tax assessed, or experience no change in the amount charged in 2016, while others will see increases of varying percentages.

TAJ said there are mechanisms in place by which people may object to their property valuation or to seek relief from property tax, where special circumstances apply.

Property owners may serve a Notice of Objection to the Commissioner of Land Valuation in respect of their valuation. Individuals may also apply for a special discretionary relief based on hardship; for statutory relief where the potential use of the land differs from its current use; or for agricultural de-rating in respect of agricultural lands, TAJ explained.

The tax authority also reminded 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.

However, payments in full, or any instalment, should be made by the end of the calendar month in which the amount is due.

Property owners are also advised that they may also consider making the payments on a monthly basis. It should be noted however that periodic payments do not apply to the flat rate charge of $1,000, which should be paid in full by April 30.

TAJ said it has several channels of payment available to facilitate payments.

Payments may be made online via the Tax Portal www.jamaicatax.gov.jm; at any of the 29 tax offices island wide; at announced out-stations during the month of April to June; and via two recently commissioned Mobile Tax Collection Units, operated on a scheduled basis in partnership with the Ministry of Local Government and Community Development.

For added convenience, during the month or April, in addition to the Portmore Tax Office, several of TAJ’s offices will be open to the public on Saturdays from 10:00am to 4:00pm.