# Withdraw The Dangerous Property Tax Bill

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EFFECTS OF PROPERTY TAX

A one bedroom apartment is between \$2,000 - \$3,000 rent. So an entire 3 bedroom house would be between \$5,000 and \$7,000 depends on location \

Home can rent for: \$5,000.00 per month
So, ‘Annual’ Rental Value = \$60,000 (\$5,000 x 12)
Annual Taxable Value (ATV) = 60,000 – 10% (for ‘voids’) (\$6,000)= \$54,000

Therefore,
ANNUAL PROPERTY TAX = \$54,000 x 3% = \$1620 per year, or
\$135.00 PER MONTH

For a Pensioner living on \$3,500.00 per month, that’s almost a 4% cut in their pension.
For a Disabled person living on \$1,800.00 per month, that’s 7.5% cut in their disability grant.

For a CEPEP Worker earning \$1,580.00 per month, that’s an 8.5% cut to their salary.

For a person earning \$4,000.00 per month and renting a One bedroom apartment for \$2,000.00 per month they are left with \$2,000.00 to live on for the rest of the month to pay Phone, Electricity and Water bills plus food and traveling.

And if we do a basic calculation:
Phone: \$220
Electricity: \$300
Water: \$100
Grocery: \$1,000
Traveling: \$125 per week, \$125 x four week = \$500
TOTAL = \$2,120.00 -\$120.00

So be it \$81.00, \$100.00 or \$135.00 per month, some people just can’t afford it.

And I haven’t calculated the 5% commercial and 6% industrial tax ripple effect on consumers.

PROPERTY TAX: IF YOU ARE RENTING A SPACE IN A MALL

Space in Mall can rent for: \$20,000.00 per month
So, ‘Annual’ Rental Value = \$240,000 (\$20,000 x 12)
Annual Taxable Value (ATV) = 240,000 – 10% (for ‘voids’) (\$24,000)
= \$216,000

Therefore,
ANNUAL PROPERTY TAX = \$216,000 x 5% = \$10,800 per year, or
\$900 PER MONTH

PROPERTY TAX ON AN EMPTY WAREHOUSE

If you have an unoccupied Warehouse 40x80 in size 3200sqf
At a rental value of \$3.50 per sqf (3.50x3200 = \$11,200)
Warehouse can rent for: \$11,200.00 per month
So, ‘Annual’ Rental Value = \$134,400 (\$11,200 x 12)
Annual Taxable Value (ATV) = 134,400 – 10% (for ‘voids’) (\$13,440)
= \$120,960

Therefore,
ANNUAL PROPERTY TAX = \$120,960 x 5% = \$6,048 per year, or
\$504.00 PER MONTH

Given how slow business is now, someone with an EMPTY Warehouse will face a \$504 monthly penalty.

PROPERTY TAX - ANNUAL RENTAL VALUE – VACANT LAND

The Annual Rental Value of vacant land will be found by taking a percentage of the Current Market Value of the land.
Commercial and Industrial 5%

For example if you have a Commercial or Industrial piece of land worth \$5 Million dollars you subtract 5% (5,000,000 – 5% = \$250,000) and then subtract 5% from \$250,000 (\$250,000 – 5% = \$12,500)

Therefore,
ANNUAL PROPERTY TAX = \$5,000,000 -5% = \$250,000 -5% -\$12,500 per year, or \$1041.00 PER MONTH

LOGIC IN PROPERTY TAX

It is obvious the Property Tax will be passed on to the “consumer”

The government itself being a consumer, how much more it is going to cost the government for goods and services when Property Tax is applied? I am sure it is going to be more than they are hoping to collect from Property Tax.

For example: Contractors would be taxed at 6% industrial rate, they would pass that rate on back to the government. PLUS the additional cost from their supplies . so a contract like the Manzanilla highway could easily go from \$400 Million to \$450 Million because of Property Tax, so the \$500 Million the government planning to collect from Property Tax could be easily wipeout.

Given  FUEL INCREASED 4 TIMES, DIESEL BY 125% FROM \$1.50 per liter in 2015 to \$3.41 in 2018. Zero rated goods now carries 12.5% VAT. Plus 7% online Tax and 30% Tax on used Tyres plus \$20 disposal fee. The population is overburdened with taxes and given the potential that the government wouldn’t receive the \$500 million they projected to collect from Property Tax and the imminent hardship it is going to bring to the citizens of Trinidad & Tobago, we call on the Finance Minister Mr Colm Imbert and by extension the government to withdraw the Property Tax Bill.

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