Finance Minister, Audley Shaw, has announced a reduction in property tax rates.
The Minister made the announcement yesterday as he opened the budget debate for the 2017-2018 fiscal year.
He says the government will also be increasing the number of property tax bands from three to nine.
The bands represent how the tax is calculated based on the value of the property.
Minister Shaw says this will reduce the rate of tax to be paid by over two-hundred thousand people.
The Finance Minister also announced a new property tax regime aimed at reducing delinquency starting April 1.
He says this system will be based on the more recent 2013 valuation roll.