Only individuals with Net Property over $40M are required to file a Property Tax Return. The Return is a true and correct statement of the Net worth/amount of the Property (the previous year) and the taxes owed (if any). Please refer to the example below for further details.
The due date for submitting returns is April 30, in the year immediately following that in which the property was owned. As such, every person to whom the Act applies is required to calculate the tax payable and to pay on the basis of the return at the time of filing.
Two individuals, Individual A and Individual B have net properties as follows:
- Individual A – $38 million
- Individual B – $105 million
Individual A will not be required to file a Property Tax return since the net property value is below $40 million.
Individual B will have to file a return and pay Property Tax as follows:
The taxable net property: $105 million – $40 million = $65 million.
- Tax payable on first $20 million = $100,000.
- Tax payable on balance of $45 million = $337,500.
- Total taxes payable = $437,500.
You may access the fillable form from the above link via the Icon (top right), additionally, you may obtain a copy of the form from any of the GRA offices.