Finance Minister, Dr. Peter Phillips, has dismissed reports of a possible increase in property taxes.

Speaking in Parliament this afternoon, Dr. Phillips says the government will not be increasing property taxes in the upcoming 2015-2016 fiscal year.

Dr. Phillips says the Property Tax compliance rate for the current fiscal year is projected to be 75 percent.

The Finance Minister also noted that there were significant variations in compliance rates across higher and lower valued properties, as well as by location.

Dr. Peter Phillips, Minister of Finance, speaking in Parliament this afternoon.