Inland Revenue Department updating Property Tax Information

THEVALUATION UNIT in the Inland Revenue Department (IRD) is advising property owners and the general public that it is currently undertaking a comprehensive update of its property tax database which is critical to ensuring that there is a record of correct, accurate and up-to-date information of properties across St.Vincent and the Grenadines (SVG).

In a release, the department said over time ,changes in property ownership, sub-divisions, new construction ,and other developments can result in records that are being held at the Department being no longer reflective of the true status of the property on the ground. It said the review is to ensure that: 1. All properties that are liable to property tax are identified and added to the property tax database. 2. The records of existing properties that have undergone changes are updated, and 3. Current property ownership is accurately reflected in the property tax database.

The IRD points out that inaccurate records do not only affect the department, but can also have real, costly, and lasting consequences for individual property owners. Where records are incomplete or incorrect, an owner may unknowingly be exposed to serious risk, it said, including: You could be paying on the wrong property. Payments made in good faith may be recorded against a property that is not yours, while your own property remains un-assessed.

“Every owner should be certain they are paying on their own property, in their own name, at the correct address,” the release points out, further explaining that the payments could be credited to the wrong account; someone else’s obligations could become your problem; or incorrect records can result in one person effectively carrying the tax attributed to another’s property”.

It adds that discrepancies in ownership, name, or address routinely come to light at the worst possible timewhen an owner tries to sell, transfer or mortgage their property.

“Outstanding property tax must ordinarily be settled before a property can be dealt with, and unresolved errors can delay transactions and even give rise to disputes over ownership.

“For these reasons, it is critical that every property owner acts now,” the IRD states.

The department is requesting the co-operation of all property owners asking, among other things, that they visit the Valuation Unit with their deed, property tax receipts, or any other document that can be used to verify ownership.

“Officers of the Department may, from time to time, contact property owners or conduct verification checks in connection with this exercise.”