Many Jamaicans have been taken aback by the government’s new property tax which is set to take effect on April 1st.
The Tax Administration of Jamaica (TAJ) recently rolled out its new property tax scheme which is set to officially take effect on April 1, 2017, The move has sparked outrage among some Jamaicans who claim that they are set to face substantial and unfair land tax increases.
Under the new regime, Land owners with properties of higher value are set to see a significant increase, while it will hardly affect those of lower value.
Many irate land owners have reportedly taken to social media blasting the government for the move, blaming the hike on the unrealistic plans which were promised during the party’s election manifesto.
The new property tax scheme is as follows:
1. For the first $400,000.00 … … $1,000.00
2. For the next $400,000.00 … … 0.80%
3. For the next $700,000.00 … … 0.85%
4. For the next $1,500,000.00 … … 0.90%
5. For the next $1,500,000.00 … … 1.05%
6. For the next $2,500,000.00 … … 1.10%
7. For the next $5,000,000.00 … … 1.15%
8. For the next $18,000,000.00 … … 1.25%
9. For every dollar thereafter … … 1.30%
