Property tax ‘unfair’ | Local Business

Opposition Senator Wade Mark believes Government is hiding important parts of the valuation process in the determination of the annual rental value in relation to what he yesterday called the “draconian and dreaded property tax”.

He encouraged property owners who are dissatisfied with their assessed value to lodge complaints with the Commissioner of Valuations.

Speaking during the Opposition’s media briefing at UNC headquarters in Chaguanas, Mark spoke of the “flawed” process of arriving at the annual rental value.

“No one has told you. No one has shared that with the population. All you get is a notice…informing you what they have estimated the annual rental value of your property,” he said.

The lack of clarity on the valuation process, he added, had “generated significant stress and financial strain” on property owners, as the property tax was deemed “unfair, inequitable, discriminatory, arbitrary” and its application and implementation was insensitive.

He also questioned the qualifications of the people valuing properties, as he said the names and professions of these individuals conducting these evaluations were unknown.

He said retirees and pensioners in the society now faced a “conundrum”.

“This so-called deferment is a waste of time. It goes up to five years and you still have to pay it. So, that is nothing of value to the elderly and to those who are unable to pay, because you have to pay. And if you happen to die, and I take over the property, I have to pay for you. That is the insensitivity of this particular dreaded property tax. It is patently unfair,” he said.

He urged citizens who received their valuation notice and were concerned about its valuation to lodge their objections to the Commissioner of Valuations within 30 days of receipt.

“You have to decide if you want that. You have to decide if you’re going to take that. What we appeal to you to do is to lodge your objections to the Board of Inland Revenue…Write to them and lodge your objections,” he said.

He added that because the Valuation Tribunal was not yet “operationalised”, all objections to the assessed annual rental value were directed to the Commissioner of Valuations.

Forex issues

Mark argued that Government’s “insensitive, reckless and irresponsible” decision to close Petrotrin in 2018 and Paria Fuel Trading Company’s foreign exchange expenditure had caused the drain of “endless scarce foreign exchange”.

“Petrotrin was an earner of foreign exchange. Paria is a user of foreign exchange,” he said.

Referring to a previous Express report, Mark said Paria Fuel Trading Company had spent US$430 million to import refined fuel products in three months.

During the period of April 1, 2024, to June 30, 2024, the company, in responding to a Freedom of Information Act request by Anthony Dopson, stated that refined products amounting to US$430,773,410.61 were imported.