PROPERTY VALUATION

Property in St. Vincent and the Grenadines is valued for the assessment of property tax on the Annual Rental Value principle. Valuations are based on rental value, that is , the rent you would expect to receive if the property was to let from year to year.

Valuation/Assessments take into account factors including the following:-

• Size of property
• Location and use
• Rents in the area
• Amenity and services etc.

Appeals (Objections)

If you are dissatisfied with your Valuation/Assessment for one of the reasons noted below, you may, within 21 days of the publication of the Valuation List, serve a notice of appeal (using the prescribed form) on the Valuation Officer.

Even without lodging a formal appeal, it is always a good idea to discuss any valuation problem you may have with the valuation division. Do so sooner rather than later and this may avoid the need for considering further action on your account.

Grounds for Appeal

Listed below are the only valid reasons for appeal:

• That the annual value of the property is incorrect or unfair i.e. too high or too low. N.B. An appeal on the grounds that “the tax is too high” cannot be made. Appeals can only be made on the amount at which your property has been valued. So, first ask yourself whether the valuation of the property is fair, based on the rental values prevailing at the Valuation date, and if the answer is ‘yes’ then you have no reason to appeal on the grounds that the value is unfair or incorrect.
• That something has been inserted in or omitted from the valuation, which ought not to have been inserted or omitted.
• That one annual value has been included in the Valuation List in respect of properties that should be separately assessed.

• If your appeal is against the value assessed, you may also submit a declaration of value indicating the amount for which, in your opinion, the property should be valued.

Should you appeal?

Where you feel that you have a genuine case, it is in your best interest to make objections as soon as you are made aware of your valuation. Timely objection could save you both time and money. It is also in your interest not to make frivolous objection, as these could cause you to waste both time and money.

Prescribed forms for lodging objections are available at the Valuation Division, Collection Section of Inland Revenue Department, Town Board Offices and Revenue Offices.

Queries about matters relating to the Valuation of property should be directed to the Valuation Officer. Matters relating to tax payment should be directed to the Comptroller of Inland Revenue or Wardens of the Town Boards.

Procedures for objection and appeals are set out in detail in the Valuation and Rating Act Cap.260 (revised laws of SVG).

Valuation List Information

Property owners are normally informed by notice (proposal), whenever the valuation on their property has been altered or if a property has been included in the valuation rolls for the first time.

Any person whose property has been valued or who is interested in any Valuation, may inspect a Valuation List and take copies or extracts from such a list without payment, at all reasonable times.

Transfer of Property

Any person to whom property included in the Valuation List is transferred, should within thirty (30) days after the transfer, give notice and produce documentary evidence of such transfer to the satisfaction of the Valuation Division or Town Clerks. First-time property owners should pay particular attention to this provision, as they are also required to inform the Valuation Division of their ownership of property.

LAND and PROPERTY TAX

Property Tax is a tax that is levied on all property owners in St. Vincent and the Grenadines and is a mean of raising revenue for the country. Revenue from Property Tax and other taxes that we pay is used to provide roads, and services such as sanitation, street lighting and other public facilities that the country needs and which are of importance to property owners.

Why Tax Real Property?

Through the existence of stable national government, property owners benefit from the maintenance of law and order, security of ownership, the supply of essential services and the overall improvements to the surrounding area. There are many tangible benefits to the community that property owners would not normally have the means or ability to secure individually.

The benefit most measurable in monetary terms is the increase in value of properties arising from the circumstances enjoyed and the improvement which property owners, themselves, make in expectation that these conditions will continue. This benefit is present even in times when there is a general fall in property values.

It seems only fair that as a result of the “community conferred” benefits, that property owners should contribute towards the maintenance of community services by paying property tax.

Need to Know More?

For further information please contact:

The Town Board Office or Revenue Office nearest to you.