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Edwin Wint, President, Realtors Association of Jamaica
Real estate insiders have predicted that harder times are ahead for those seeking commercial properties for rent with this Saturday'simplementation of the new property tax regime.
President of the Realtors Association of Jamaica, Edwin Wint, is asserting that increased rental rates are coming as part of the ripple effects of the property tax measures.
Finance Minister Audley Shaw recently announced that property tax rates will move down from the range of between 1.5% and 2%, to a range of between 0.8% and 1.3%. However, despite this reduction, the rates will now be based on the 2013 valuation of properties.
Mr. Wint, speaking Monday on RJR's Beyond the Headlines, predicted that this will cause a shift in the dynamics of the rental market and is compounded by the non-reduction of stamp duty and transfer tax which are already burdensome for property owners.
And property owners are being encouraged to formally challenge the property tax assessments being given to them by Tax Administration Jamaica, TAJ.
Mr. Wint said many of the assessments for the 2013 valuation were done without actual visits to the properties, so this has left room for challenges in some instances.
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