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00:15 >> Let me make it demonstrably clear.
00:18 The base for calculating property taxes is the annual
00:22 rental values of relevant properties.
00:25 For example, in the first step,
00:27 the valuation division has established and continues
00:31 to establish annual rental values
00:34 for national property portfolio
00:36 which comprises 600,000 properties
00:40 of which 400,000 are residential,
00:43 49,000 are commercial, 3,000 are industrial,
00:49 and 148,000 are agricultural.
00:52 Madam Speaker, in the second step,
00:55 the Board of Inland Revenue will calculate the property taxes
00:59 based on the annual rental values discounted by 10%
01:04 with an application of 3%
01:07 of the discounted annual rental values.
01:11 For example, with an annual rental value of $24,000,
01:17 the property tax will be $54 per month.
01:21 Let me repeat that.
01:22 With an annual rental value of $24,000,
01:25 the property tax will be $54 per month being 24,000 minus 2,400
01:33 which will equal 21,600 multiplied by 3%.
01:39 This simple calculation will generate a tax
01:42 of $648 per annum or $54 per month.
01:47 Based on the progress in the compilation
01:50 of the valuation rule, I expect that at least 50%
01:54 of all residential properties and quite likely more
01:58 than 50% will pay property taxes somewhere
02:02 between $540 and $1,080 annually.
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