You can calculate your tax using the appropriate formula below. All of this information will be contained in your Certificate of Value (COV) issued by the Inland Revenue Department.
RESIDENTIAL PROPERTY:
(Property Value - 80,000) x .002 = Tax Payable
COMMERCIAL PROPERTY:
Property Value x .003 = Tax Payable
ACCOMMODATION PROPERTY:
Property Value x .003 = Tax Payable
EXAMPLE: CALCULATION OF PROPERTY TAX
Example of the calculation of tax on residential property in St. Kitts, with a market value of $140,000.00
(Building Value 120,000.00 and Land Value $20,000.00).
LAND VALUE
|
20,000.00 |
|
| TAX ON LAND (20,000 x 0.002) |
|
40.00 |
| BUILDING VALUE |
120,000.00 |
|
| SUBTRACT THE EXEMPTION |
(80,000.00) |
|
TAXABLE BUILDING VALUE (120,000 - 80,000) |
40,000.00 |
|
TAX ON BUILDING (40,000 x 0.002) |
|
80.00 |
| TOTAL TAX DUE (80.00 + 40.00) |
|
120.00 |