Grenada recently concluded a property reevaluation exercise following which, property owners will now receive a “Notice of Taxable Value”. This notice provides the current market value assigned to their properties by the Valuation Department.
The assessment is considered applicable as of December 31, 2022. The Ministry of Finance announced the successful conclusion of the Property Revaluation Exercise conducted by the Valuation Department of the Inland Revenue Division.
This has been deemed consistent with the commitments made by the government in the 2023 Budget Statement.
The main objective of this exercise was to ensure that property values align with their current market value. The last exercise of this nature was conducted in 2001, about 22 years ago. In that sense, some felt the reevaluation was quite necessary, if not long overdue.
The Ministry also spoke openly about the fact that reevaluation is not meant to increase the property tax. This is because the government still maintains the ability to adjust the property tax rates. This allows for the maintenance of a consistent tax level beyond legal requirements.
It was also stated that the assessment will let the authorities update property tax values. This is an important measure as it facilitates accurate damage assessments following disasters and offers various other advantages to citizens.
The scheme is not without recourse for property owners who disagree with the evaluation. Every property owner has the right to file a “Notice of Objection”. Forms for the same are available at the Inland Revenue Division’s website and office.
Property owners can also get forms from any District Revenue Office near them.
If a comprehensive view of the reevaluation is considered, it comes off as an important endeavor for the citizens who are likely to get accurate assessments of their properties.
Failing that, citizens have the option of contesting against the official assessment, which seems to cover all bases for the betterment of the average citizen.
Another impressive aspect of this exercise is that the government seems set on implementing the rhetoric upon which the 2023 Budget stands. This is important because it reinforces in the public, the idea that the government is working on fulfilling its promises.