Property Taxes spike

[Lazie]

Owners May Be Forced To Sell Some Properties In Balancing Act To Manage Obligations, Says Realtors Association

http://jamaica-gleaner.com/article/l...ation-realtors

[Westman]

I am the first to agree that property taxes in Jamaica have been too low. However, a sudden increase by hundreds of percentage points to even over a thousand percentage points is extremely outrageous from many perspectives. While a minority have properties will be assessed at lower rates, the majority of properties have had huge increases. This will hurt many, especially as other taxes are being raised also. I have one property, that is heavily wooded, has no access or services and the taxes went from $94k per year to $1 million per year in one shot. It is a hardship for me but I will pay if I have to. Unfortunately, many will not be able to pay. Their properties will have to be sold or will be at risk of being taken by the government or assumed by a predatory tax payor. Also, think of the consequences to slowly growing economy.

As of today, this lifelong labourite says bye bye to the jlp and hello Peter.

[Sir X]

Ben,Sass & Lazie ?

[Lazie]

I am the first to agree that property taxes in Jamaica have been too low. However, a sudden increase by hundreds of percentage points to even over a thousand percentage points is extremely outrageous from many perspectives. While a minority have properties will be assessed at lower rates, the majority of properties have had huge increases. This will hurt many, especially as other taxes are being raised also. I have one property, that is heavily wooded, has no access or services and the taxes went from $94k per year to $1 million per year in one shot. It is a hardship for me but I will pay if I have to. Unfortunately, many will not be able to pay. Their properties will have to be sold or will be at risk of being taken by the government or assumed by a predatory tax payor. Also, think of the consequences to slowly growing economy.

As of today, this lifelong labourite says bye bye to the jlp and hello Peter.

Yes, it is a big jump. The government decreased property tax, the issue is that for years the taxes were being paid on a valuation done in 2002. A new valuation was done in 2013 and that is the valuation that is now being used. By law, the evaluation should be done close to every 5 years, that means a new valuation is due to be conducted next year.

Now, the uncaring gov't could rollback as many are calling for. But what happens when the new valuation is done?

[Westman]

No disrespect, my Man U brother, but I know all those facts. I agree they should do Valuations on a more frequent basis and bring them up. I can see 100%, 200% and 300% increases in a year, considering how far behind they fell with valuations, etc. But 500% to 1000% increases in one shot don't make sense and those types of increases will have large negative impacts on the economy. Beyond that, it is just uncaring and stupid politics.

With all that said, root for the red and black tomorrow and it is starting to look like we have a legit shot of being in the top 4. As horrible as we have been, compared with our Man U standards, there are actually two (Arsenal and Liverpool) who are desperate to be worse than we are. Spurs could falter again because of injuries.

[Lazie]

No disrespect, my Man U brother, but I know all those facts. I agree they should do Valuations on a more frequent basis and bring them up. I can see 100%, 200% and 300% increases in a year, considering how far behind they fell with valuations, etc. But 500% to 1000% increases in one shot don't make sense and those types of increases will have large negative impacts on the economy. Beyond that, it is just uncaring and stupid politics.

With all that said, root for the red and black tomorrow and it is starting to look like we have a legit shot of being in the top 4. As horrible as we have been, compared with our Man U standards, there are actually two (Arsenal and Liverpool) who are desperate to be worse than we are. Spurs could falter again because of injuries.

WE need to close in on the top 4 spot ... see Everton is now in the mix. I think our priority should be the Europa League, another trophy plus qualification for the UCL.

[Bricktop]

blame the comrades...the new valuations were done in 2013 & hero petah signed a letter of intent with the IMF to implement them in 2015...PNP never waan lose election so didn't implement the new valuations...if the valuations were implemented when they weree supposed to the increase would have been incremental...now it's left to the JLP to pick up the pieces...but have no fear...anju is here

[Bricktop]

only large corporations or people sitting down on large amounts of properties seeing increase over 200%...

[Rockman]

Oh really?
The campaign promise of significant tax breaks for people earning below a set sum resulted in the financial shortfalls in the coffers of our Govt..,the missing funds have to be recuperated ergo..
An increase in property tax affects even renters.
The PNP wanted to raid the NHT Funds,and that was not well met by the JLP,now the JLP has voiced its intent to do exactly that.
The PNP did not update its taxation system in response to the increase valuation of property,at best,the JLP will rectify it but will surely ignore the expected rise in value..around the corner,making them guilty of the same oversights(just like the NHT..)it attributes to the PNP.
Neither party has distinguished itself.

[Bricktop]

there is no increase in property tax rates...the JLP decreased property tax rates...the problem is that the previous government failed to revalue properties for 15 years...the value of the land increased...not the property tax rate...the implementation of 2013 revaluation was agreed between hero petah & the IMF in 2013 genius...lemme guess...when you sell your land you are going to sell it for the 2002 valuation instead of the 2013 valuation...right?

[Assasin]

I believe in a reasonable raise since road, light etc. have to be paid but I will never agree with an outrageous jump at all. It is not right and they may have to roll back some.

[Assasin]

A direct result of the devaluation of the Jamaican dollar which I have often preached about and some man a say it good for the economy.

[Bricktop]

it is a huge jump because they were using 15 year old valuations...& not updating the valuations every 5 years...that's what you get with a patty shop party in government

[Bricktop]

what does devaluation of the dollar have to do with anything?

[Lazie]

Oh really?
The campaign promise of significant tax breaks for people earning below a set sum resulted in the financial shortfalls in the coffers of our Govt..,the missing funds have to be recuperated ergo..
An increase in property tax affects even renters.
The PNP wanted to raid the NHT Funds,and that was not well met by the JLP,now the JLP has voiced its intent to do exactly that.
The PNP did not update its taxation system in response to the increase valuation of property,at best,the JLP will rectify it but will surely ignore the expected rise in value..around the corner,making them guilty of the same oversights(just like the NHT..)it attributes to the PNP.
Neither party has distinguished itself.

Rockman, stop.