Despite the big reductions in property tax rates announced yesterday, some landowners will still see increases between 200 and 600-percent in their property taxes.
But that will be the case for approximately 6,800 people.
Finance Minister, Audley Shaw, says that represents just about 1-percent of total taxable properties with values over $20-million.
He says most of these are commercial properties including hotels and industrial properties. He says only about 2,000 are residential properties.
Speaking in the House of Representatives yesterday, Minister Shaw said the government must be honest.
Minister Shaw, in response to public backlash to the recent massive increases in property taxes, announced major reductions yesterday.
These include a further reduction in the tax rates to between 0.5-percent and 0.9-percent.
This, down from 0.8-percent to 1.3-percent. Minister Shaw says there’ll be varying forms of tax relief.
Minister Shaw says the new measures will see a $2-billion shortfall in expected revenue from property taxes.
However, he’s aiming for a 70-percent compliance rate up from less than half of property owners currently paying.