In computing the net property of any person the following must be included: –
- any property in which he has a life interest;
- any property subject to a trust, if he is the only beneficiary under the trust;
- if he is one of several beneficiaries under a trust, the benefits from which can be ascertained from year to year, such portion of the property subject to the trust as is proportionate to his share of the benefits from the trust;
- being the trustee of a trust, and the benefits from the trust of any or all of the beneficiaries under the trust cannot be ascertained from year to year, the property subject to the trust.
Further to this, and in accordance with the First Schedule of the Property Tax Act payment of Property Tax, will be applied at the following rates: –
- On the first $40,000,000 of net property – Nil
- For every dollar of the next $20,000,000 of net property – 0.5%
- For every dollar of the remainder of net property – 0.75%
Net Property or Net Worth is the amount that remains after all liabilities/debts on your property are removed when calculating Property Tax, such as any bank overdraft, mortgage, or associated Wear and Tear claimed on the property.