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'$250m to $750m in properties taxes'


good and bad thing: Government ministers during yesterday's post-Cabinet media briefing at the Diplomatic Centre in St Ann's. From left are Finance Minister Karen Nunez-Tesheira, Health Minister Jerry Narace and Tourism Minister Joseph Ross. -Photo: STEPHEN DOOBAY

Government expects to collect $250 million in revenue in the short term and $750 million in the medium term from properties taxes, Finance Minister Karen Nunez-Tesheira said at yesterday’s post-Cabinet news conference at the Diplomatic Centre in St Ann’s.

She said there were currently ’two hundred and something thousand properties on the system’. However, she noted there were 200,000 additional properties which were not on the system (and, therefore, the owners currently pay no taxes). She said under the proposed new automated GPS system, these 200,000-plus properties would be brought into line, and by then Government expects to collect $750 billion in revenue.

Explaining the methodology of determining the rental value of properties, Nunez-Tesheira said there would be two systems-the general rental values of the area in which you live, and additionally, then the valuators would take into account the specifics of your property-such as whether it is a wooden or concrete structure and other features.

’They would probably have a figure, a base at which they start, and then they would make an adjustment upward or downward (depending on your property). Those are the things the experts would take into account. But I can tell you, they are doing it now, they are making those valuations,’ she said.

Asked whether there would be a system to control profiteering by landlords, who may raise rents on the premise they have to pay more in land and building taxes, Nunez-Tesheira replied: ’That is the good and bad thing about being in a market economy and being a democracy. It is a double-edged sword and so there is the good and the bad.’

Likening it to high food prices, she said the consumer in a market economy had a lot of power. She said people who suspect landlords of trying to extort from them ’can go on the system, and you would be able to see a property next to that which you are renting and properties in the area and get an indication of what is the rental value.... So you have an opportunity as a consumer to get the information, and it is up to us in the market economy to exercise our power as consumers’.


 Comments: '$250m to $750m in properties taxes'
property taxes Posted: 2009-09-17 10:34:00 PM
..so like in a market ..you could simply tell your landlord you are moving out ...and do what ? ..sleep by the side of the road ?
TAX ALL Posted: 2009-09-17 7:58:00 PM
I would like all individuals with properties to pay taxes,this must apply 'across the board'.Properties in Laventille,Belmont,Pleasantville,Morvant and other areas must also be taxed.Owners of HDC houses must also be taxed.Supporters of the PNM must feel the full brunt of the government's tax increases,after all they should get what they voted for.
Property taxes Posted: 2009-09-18 02:28:00 AM
200,000 properties not paying property taxes all these years? Were these put up by stealth overnight? Nearly half the housing stock in the country? This blatant lawlessness is a serious indictment on the Government. No wonder there is so much criminality in the society, like bobol and corruption, murders day in day out, night in night out, escalating road deaths etc etc. And how is the "consumer" without a roof over his head supposed to shop around in the "free market" when demand far outstrips supply? You for real?
SPENDING SPREE Posted: 2009-09-18 03:49:00 AM
Words cannot express my anger on how this run-away government spent, spent, spent away billions of tax payers money, from building a presidential mansion, to money for retreat for cabinet ministers, to hosting summit of the americas,etc, etc, etc. And now they spent until they dropped and now who has to hold up them now -THE MONEY FROM HOME OWNERS, INCLUDING THE LAME OLD PENSIONERS WHO COULD BARELY STAND UP THEMSELVES. You know what, why I am now quarreling? I put them there in Government. Somebody, anybody, I would take the licks now.
$250M To $750M Etc Posted: 2009-09-18 05:20:00 AM
What is Karen rejoicing about? She and her gov't should be ashamed of what they have done to all property owners. I hope there are others who feels the same way i do.As a property owner,the rent was never able to cover the mortgage and even though i have paid off my mortgage,the rent i collect is still small in comparison to the going rate i hear about.The property is in a very nice area. Concerned Citizen
Hold your belly and bawl! Posted: 2009-09-18 06:06:00 AM
I notice that revenue from property taxes is now not only used for servicing local needs but most importantly to service a depleting and shrinking treasury. Thanks, my Lady! Look what is happening us when the price of oil&gas falls, imagine what will happen when oil&gas runs out!
Raise in Property Taxes Posted: 2009-09-18 07:10:00 AM
I hope the Government realises that in as much as they have a 'system' to value people's property for taxes, there should be an equal system in valuation for using one's property for a loan. Check HMB.. ummm.
understanding the real issuse. Posted: 2009-09-18 02:29:00 AM
I cannot say that i fully understand what the finance minister is trying to related to Trinidad.It states that every area in this country is subjected to taxes but some may pay more than others depending on their living quaters, i need to see something more than just figures i need to see the actual working of this mechanism of whom may pay more calculations, justify your new approach.
250m-750m in properties taxes Posted: 2009-09-18 06:47:00 AM
This will be squeezed out the citizen of this country...If Manning some spending citizen like if have no tomorrow...there will be no need for the "Pretty house' tax
PROPERTY TAXES Posted: 2009-09-18 08:24:00 AM
Well T&T Citizens you have to pay up for the price of T&T Revenue OIL prices has fallen from the PNM Budget. They will make things unbearable for you and they are comparing the Land Taxes like in USA. It will be very tough to own property in T&T and every year they will come up with more increase. Stand up and say no more Taxes, land taxes, VAT etc. next will be Gov't health Care, they are thinking life foreign Countries like USA. Oil is dead issue and Land is gold for taxes. Trini- N.J USA
This madness! Posted: 2009-09-18 04:57:00 AM
How dare you madam minister make such excuse, by the time I am ready to build my house it is going to be impossible steups because of the increase of your taxes on property just remember you have your own house hope you could live up to your tax payment in the end!
Property Taxes Posted: 2009-09-18 09:17:00 AM
If the Government of the day wants to move up to developed world standards by 2020. The Finance Minister had an opportunity to do this by implementing a programme to show how property tax increases could improve the lives of the citizens instead of a whopping Tax increase to cover the money they squandered.As a tax payer in Trinidad and Tobago the only service we get is the ones we are already paying plenty for,Electricty, Water,and Telephone, we don't get proper road repairs,drain cleaning,flood prevention,and sewerage maintenance. I would like to see the Minister allocate funds in Trinidad and forgotten Tobago to use the property taxes to bring our services up to developed world standards.Countries in the developed world use property taxes to give the services mentioned above, and increases are gradual,and transparency a must.
Property taxes Posted: 2009-09-18 11:28:00 AM
Poor retirees and the senior citizens! When they thought that things will be ok for them, they have to begin again to deal with a big bill for the house they paid for for 25 years- high interest rates. Now they have to pay a bigger tax bill, and it seems that the taxes will be increased by at least 200%. ac,md
PROPERTIES TAXES Posted: 2009-09-18 06:09:00 AM
PROPERTIES TAXES Old-age pensioners and retirees on fixed incomes,will now be included in this tax. Income tax relief given to senior citizens will now be eroded as they will have now have to pay this additional tax.Why are the benefits we receive now being taken away? Some retirees are still paying mortgages on their homes. Isn't this unfair"?
Oil Boom Posted: 2009-09-18 10:10:00 AM
Hooray we get to pay more taxes after an oil boom. Could you have saved a little for us. The guys in some US States actually get cheques from the oil money. We get more taxes.
Property Taxes Posted: 2009-09-18 08:27:00 AM
Yesterday, it was reported that in essence, the Minister of Finance stated that the owners' personal circumstances will be taken into account with respect to the taxes levied. This then would constitute some form of discrimination against those who are perceived to have more or be better off financially. Under the law are we not all supposed to be treated equally and fairly? Should not the Law be applied equally?
Will it be put to good use? Posted: 2009-09-18 11:30:00 AM
Hopefully all this extra money will be used on something that every citizen will benefit from like law enforecment and new roads.
Property Taxes Posted: 2009-09-18 12:06:00 AM
The plan by the finance minister seems all well and good. My question is what is the Minister planning to give up to the taxpayers in return. Should we expect to see lower income tax rates?
250 Million to 750 million from property taxes. Posted: 2009-09-18 1:32:00 PM
The reason for the taxes;is because the ratural resourses are running low.The days for milk and honey is over.This what Ms,Nunez is saying in raising new taxes.Government, survives by taxing the people.When they realize that the people are becomming furious about the taxes,and they are not getting substantial services from the police and other govt run agencies. While milk and honey was enjoyed, crime was rampant,so what to say when the taxes takes the place to replace the milk and honey.Anger will step in together with an increase in crime.Don't mean to be pessimistic, this will be a reality.
Blaming landlords? Posted: 2009-09-18 09:07:00 AM
I'm trying to understand this one...is she saying that if my rent is $100, and the new tax system is introduced, and the valuators decide the property is worth $115 in rent, so the landlord has to pay a higher tax, and so he raises the rent to $115...the landlord is extorting money from me?...ANNNND I can go on "the system" and see the rental value for the area and... it's up to me.... to exercise my consumer power? I lost, somebody help meh...coz it HAVE to be me that not seeing this line of reasoning. It can't be that the minister of finance not making any kinda sense. /kw
Property tax Posted: 2009-09-18 1:10:00 PM
This minsiter and her government need to check their thoughts before they go trying to break poor people...Poor people already struggling to fight the cost of food and utility bills. OH LAUD SAVE THEM!!!
WHAT IS MORE IMPORTANT Posted: 2009-09-18 1:43:00 PM
Where area the Government priorities? Are Manning's Mansion,his frequent overseas trips,his hiring of English Queens Counsels,for non-sense he did,his "special personal security brigade",his Divine Echoes,etc,more important than the people' homes? He will have hosted two Summits,at hundreds of millions by the end of the year,fighter helicopters,an over paid Civilian Police Dept(SAUTT),with all the fringes,but no public benefit.Yet the people continues to suffer the scurge of crime,now to take their homes,because they cannot afford the surcharges added on to their homes.If Manning cared,even a little,he would cut all Government ministers salaries,that's over-inflated.He would stop these "Special Small Contracts"to Community Leaders and Party Hacks.This is required in the National Interest.Aubert Modeste
Property Tax Posted: 2009-09-18 3:34:00 PM
Maybe we could replace Manning with Sarah Palin and get a cheque every month instead of having to pay tax on tax!
Property Tax Posted: 2009-09-18 2:27:00 PM
This tax is so unfair. What really is the Government trying to get out of us poor people? It made me think about my parents, both are pensioners. What would be their fate? This is the height of madness....... :(
Bag people population will increase. Posted: 2009-09-18 10:42:00 AM
I remember meeting some "bag people" many years ago. These people live in the forest and live off the land and other people's property. I imagine with property taxes increasing we can expect many people to join their group in the forest... Maybe the "bag people" had it right in first place.

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