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Ease for property owners

Maria Bradshaw

Ease for property owners

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Property owners who have been crying out over the increased valuation of their properties are being given an ease by Government.
Acknowledging that the rise in property values which led to the rise in taxes payable would have a major impact on the ability of taxpayers to meet their obligations in a timely manner, Minister of Finance Chris Sinckler said Tuesday Government would adjust the bands effective this tax year.
For residential properties:
• $40 000 increase in the exemption from the first $150 000 up to $190 000;
• $100 000 increase on the rate of 0.1 per cent up to the next $400 000 to $500 000;
• those up to $1 250 000 in value will have a rate of 0.45 per cent applied – moving from $1 million; and
• rate of 0.75 per cent will be applied to all properties in excess of $1 250 000 – an increase in value of $250 000 up from the previous $1 million.
Read the full story in today’s DAILY NATION.