Some business leaders feel that the recently announced change in the ceiling for property tax and its accompanying change in date of valuation could spell disaster for those whose property could now be assessed at 2011 values rather than those of 1991.
During his reading of the budget speech almost two weeks ago, Minister of Finance Dr Ashni Singh said that with effect from year of assessment 2014, individuals will be charged zero per cent for the first $40 million of net property and 0.75 per cent for the remainder of net property.
“In other words, whereas the current tax free threshold for property tax on individuals is $7.5 million,
