KINGSTON, Jamaica — Finance Minister Audley Shaw this afternoon announced reductions in the rate of property tax during his presentation in the House of Representatives.

Shaw told the House that the Government had listened to concerns expressed by Jamaican people. He said the Government’s reductions would result in a $2.1 billion shortfall from the previous increases, with the expected revenue now at $6.5 billion.

Among the reductions announced by Shaw is a decrease in the tax range from 0.8 -1.3 per cent to a new range of 0.5-0.9 per cent. Shaw reiterated that this was a better regime than the three-band tax regime utilised by the former Government.

He said some 56 per cent or 448,360 land owners would see a reduction or no change in their property taxes. 

Shaw also announced a reduction of taxes on commercial properties from a 137 per cent to 58 per cent. 

The finance minister acknowledged that some property owners will still see large increases in their taxes, but said most of those land owners would be owners of commercial lands. He said 0.9 per cent of owners of land valued over $20 million will see increases between 200 and 600 per cent.

Shaw also sought to remind land owners of the availability of options to apply for relief from high increases.