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PROPERTY TAX RATES & CALCULATIONS

The rates and calculations for property tax is dependend on the size and nature or classification of the properties.

 

PROPERTY TAX RATES

The following rates apply to property tax prior to income year 2011.

 

Classification

Rates

Commercial Property

0.25% of the Open market value

Residential Property

5% of the annual rental value

Combination Property

Apply residential rate to residential portion and commercial rate to the business portion.

 

The following rates apply to property tax after income year 2010.

 

Classification

Rates

Commercial Property

0.4% of the open market value

Residential Property

0.25% of the open market value

Combination Property

Apply residential rate to residential portion and commercial rate to the business portion.

 

The rates of tax on land to be raised are as follows:

               

Classification

Rates

10 acres or less

Nil

Over 10 acres but less than 50 acres

$0.25 per acre or part of an acre

50 acres and over but less than 100 acres

$0.50 per acre or part of an acre

100 acres and over but less than 500 acres

100 acres and over but less than 500 acres

500 acres and over

$1 per acre or part of an acre

 

CALCULATING YOUR PROPERTY TAXES

If you know the Estimated Market Value of your property and the tax rate, you can estimate the amount of tax by using these formulas:

  1. Estimated Annual Rental Value x Property Tax Rate
  2. Estimated Market Value x Property Tax Rate

 

TAX RATES BEFORE INCOME YEAR 2010

Residential Property

Example 1

If the Annual Rental Value of your property is $24,000 then the property taxes is calculated as follows:

Estimated Annual Rental Value x Property Tax Rate = Tax Due

                $24,000 x 0.05 = $1,200.00

 

Commercial Property

Example 2

If the Market Value of your property is $1,500,00 then the property taxes is calculated as follows:

Estimated Market Value x Property Tax Rate = Tax Due

$1,500,000 x 0.0025 = $3,750.00

 

TAX RATES AFTER INCOME YEAR 2010

Residential Property

Example 1

If you estimate the market value of your residential property at $300,000 then the property taxes is calculated as follows:

Estimated Market Value x Property Tax Rate = Tax Due

$300,000 x 0.0025 = $750.00

 

Commercial Property

Example 2

If the Market Value of your property is $1,500,00 then the property taxes is calculated as follows:

Estimated Market Value x Property Tax Rate = Tax Due

$1,500,000 x 0.004 = $6,000.00

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Ⓒ2013 Inland Revenue Department, Government of Saint Lucia.