|
Valuation takes into account the following:
- Location
- Land prives in the area
- Development potential
- Type of land
- Size of land and other relevant factors
- Condition of Building
|
| Current rate available:
Two separate rates are set for each class of property. A rate for the building and the other for land. The rates are as follows:
|
|
Classification
|
Land
%
|
Building
%
|
| Agricultural |
0.0
|
0.0
|
| Amenity |
0.1
|
0.1
|
| Commercial |
0.5
|
0.3
|
| Hotel |
0.3
|
0.2
|
| Industrial |
0.3
|
0.2
|
| Institutional |
0.1
|
0.1
|
| Residential |
0.1
|
0.15
|
| Reserve |
0.1
|
0.0
|
| Waste |
0.1
|
0.0
|
|
| Who pays the tax:
The tax is payable by the owner, as well as by occupiers of buildings on Extended Family Land. Tenants of Property are also entitled to pay Property Tax where an Arrangement is stipulated in the Lease Agreement. The Tax is made payable to the Government of Grenada.
|
| When the tax is due:
The tax is due and payable from the 1st January each year. The property owner is entitled to 5% discount if 50% of the tax is made payable by March 31st and the remaining 50% is made payable by June 30th. From July 1st, 10% fine shall be added plus 2% each month, if the tax remains unpaid.
|
Exemptions:
An exemption of $100,000.00 is deducted from the building value of an owner occupied property. Only one property can be given a homestead exemption. The remaining Assessed Value is multiplied by the classification rate: Agricultural lands are also entitled to an exemption but must first get a certificate from the Chief Agricultural Officer, before 90% of the tax can be exempted.
|
Conclusion:
The Valuation Division is committed to making every reasonable effort to inform property owners and agents, how their assessments are calculated and to assist them with lodging their objections, alterations and appeals.
|
| Where are the taxes payable:
All property Taxes can be made payable at the Inland Revenue Department on the Carenage or the District Revenue Office in each parish.
|
| Alien Licence:
Alien wishing to purchase property in Grenada must apply to the Prime Minister's Office for a Licence to hold property.
|
Property Transfer Tax:
Alien rates are 10% of the consideration when applying as a Purchaser, and 15% when acting as the Vendor. The first $20,000.00 are exempted. Excess taxed at 5%.
|
|