Property Tax - Notice of Assessment FAQS

Tags: Property Tax, Notice of Assessment, FAQs

Q: How much property tax am I required to pay, based on the Annual Rental Value (ARV) stated on the Notice of Valuation?

E.g: Your ARV, as stated on Notice of Valuation, is $24,000.00 (based on rental of $2000.00 per month.)

The calculation is as follows:
ARV = $24,000.00
10% deduction = $2,400.00
Property Tax Payable = $21,600.00 x 3% = $648.00 Annually ($54.00 Monthly).

Q: What will I need to make the payment?

The Notice of Assessment.

Q: Do I have to pay the principal amount in one payment or can I make part payments?

You can make part payments.

Q: When is the payment due?

The tax is due and payable on or before 30th September in the current year.

Q: Is there penalty and interest if the payment is late?

Penalty of 10% is incurred from the 1st October in the current year and added to the amount of unpaid principal.

Interest at the rate of 15% per annum will be charged on the increased amount (this includes any part of the unpaid principal in addition to the penalty) from the 1st October, 2025 the date of payment.

Q: How long does the process for an objection at the Inland Revenue Division take?

The owner of land who is dissatisfied with the assessment of the Board of Inland Revenue, may within twenty-one days of the receipt of the Notice of Assessment file the objection. The Board of Inland Revenue has one year from receipt of the Notice of Objection to complete the process.

However, an owner who is dissatisfied with a Valuation as stated on the Notice of Valuations, may, within thirty days after the service of the Notice of Valuation, file an objection to the Commissioner of Valuations.

Q: What if I do not agree with the outcome of the objection?

A person who is dissatisfied with the outcome of the objection can go to the Tax Appeal Board for review.

Q: Would I get a refund if I overpay?

If there is an amendment to the Assessment Roll resulting in an overpayment of tax due, the Board of Inland Revenue shall refund the amount of such overpayment.

Q: What if I am genuinely unable to pay?

The Board of Inland Revenue may upon the application of the owner of land, authorise the deferral of the payment of the assessed tax on the land on the grounds of the impoverished condition of the owner and his inability to improve his financial position significantly by reason of age, impaired health or other special circumstances, that undue hardship to that owner would otherwise ensue.

Once the owner is alive and remains in the same situation at the end of the period, the tax would not be required to be paid.

An application shall be made in writing on the prescribed form (which would be made available on and shall be accompanied by evidence that the applicant is—

  1. In receipt of—
    1. a public assistance grant;
    2. a disability grant;
    3. a senior citizens’ pension; or
    4. a Trinidad and Tobago conditional cash transfer card, from the State;
  2. Does not receive an annual income exceeding the maximum amount specified in section 3 of the Senior Citizens’ Pension Act.

If approved, the deferral would be granted for a two year period, however if at the end of the initial deferral period the owner’s situation remains unchanged, another application may be submitted for further approval.

Q:What happens if I don’t pay the Property Tax?

There are a number of options available to the Board of Inland Revenue, for example: Penalty and Interest accrues as outlined in question 5.

  1. Any annual tax due together with any penalty and interest (stated above) which may have accrued, until paid, will be a charge on the land in respect of which the annual tax is due and payable.
  2. The board is entitled to take legal action to recover the taxes owed, by action in any Court. The Board is also entitled to seize any moveable goods and possession.