KINGSTOWN St.Vincent, March 2012 -- Vincentian homeowners with substantially high increases in property taxes, under the Inland Revenue Department’s new Market Value System, are expected to benefit from a 25 percent cap.
Property owners in St. Vincent and the Grenadines will begin paying an average 15-percent increase in taxes under the new Property Evaluation System, which will take effect from July 1st.
Speaking in Parliament on Monday, Prime Minister, Dr. Ralph Gonsalves, said relief will be offered to property owners whose assessments exceed 25 percent.
Dr. Gonsalves explained that the highest increases will be experienced in cases where extensive renovations have been undertaken.
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St. Vincent News