T&T property owners get extended grace period for new taxes

A statement from the Ministry of Finance published Friday states that land and property owners will have to start paying new, increased taxes from March 31 next year.

The new property tax regime outlined in Monday's national budget begins on January 1, 2010 but bills won't be mailed out until March and owners will get a six-month grace period before incurring penalties.

The new tax for residential properties will be based on three per cent of the annual taxable value. The rate is five per cent for commercial properties, six per cent for industrial and one per cent for agricultural land.

Owners will have until September 15, 2010 to pay taxes without penalty.