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     EFFECTS OF PROPERTY TAX

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    Honeylu
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    Honeylu

    Posts : 544
    Join date : 2011-01-27

    EFFECTS OF PROPERTY TAX Empty
    PostSubject: EFFECTS OF PROPERTY TAX   EFFECTS OF PROPERTY TAX I_icon_minitimeSat Mar 03, 2018 8:13 pm

    EFFECTS OF PROPERTY TAX

    FUEL INCREASED 4 TIMES
    DIESEL BY 125% FROM $1.50 per liter in 2015 to $3.41 now.
    Zero rated goods now carry 12.5%
    Plus 7% online Tax
    30% Tax on used Tyres plus $20 disposal fee

    A one bedroom apartment is between $2,000 - $3,000 rent. So an entire 3 bedroom house would be between $5,000 and $7,000 depends on location \

    Home can rent for: $5,000.00 per month
    So, ‘Annual’ Rental Value = $60,000 ($5,000 x 12)
    Annual Taxable Value (ATV) = 60,000 – 10% (for ‘voids’) ($6,000)= $54,000

    Therefore,
    ANNUAL PROPERTY TAX = $54,000 x 3% = $1620 per year, or
    $135.00 PER MONTH

    For a Pensioner living on $3,500.00 per month, that’s almost a 4% cut in their pension.
    For a Disabled person living on $1,800.00 per month, that’s 7.5% cut in their disability grant.

    For a CEPEP Worker earning $1,580.00 per month, that’s an 8.5% cut to their salary.

    For a person earning $4,000.00 per month and renting a One bedroom apartment for $2,000.00 per month they are left with $2,000.00 to live on for the rest of the month to pay Phone, Electricity and Water bills plus food and traveling.

    And if we do a basic calculation:
    Phone: $220
    Electricity: $300
    Water: $100
    Grocery: $1,000
    Traveling: $125 per week, $125 x four week = $500
    TOTAL = $2,120.00 -$120.00

    So be it $81.00, $100.00 or $135.00 per month, some people just can’t afford it.

    And I haven’t calculated the 5% commercial and 6% industrial tax ripple effect on consumers.

    PROPERTY TAX: IF YOU ARE RENTING A SPACE IN A MALL

    Space in Mall can rent for: $20,000.00 per month
    So, ‘Annual’ Rental Value = $240,000 ($20,000 x 12)
    Annual Taxable Value (ATV) = 240,000 – 10% (for ‘voids’) ($24,000)
    = $216,000

    Therefore,
    ANNUAL PROPERTY TAX = $216,000 x 5% = $10,800 per year, or
    $900 PER MONTH
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    Honeylu
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    PostSubject: Re: EFFECTS OF PROPERTY TAX   EFFECTS OF PROPERTY TAX I_icon_minitimeSat Mar 03, 2018 8:13 pm

    PROPERTY TAX ON AN EMPTY WAREHOUSE


    If you have an unoccupied Warehouse 40x80 in size 3200sqf
    At a rental value of $3.50 per sqf (3.50x3200 = $11,200)
    Warehouse can rent for: $11,200.00 per month
    So, ‘Annual’ Rental Value = $134,400 ($11,200 x 12)
    Annual Taxable Value (ATV) = 134,400 – 10% (for ‘voids’) ($13,440)
    = $120,960

    Therefore,
    ANNUAL PROPERTY TAX = $120,960 x 5% = $6,048 per year, or
    $504.00 PER MONTH

    Given how slow business is now, someone with an EMPTY Warehouse will face a $504 monthly penalty.
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    Honeylu
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    PostSubject: Re: EFFECTS OF PROPERTY TAX   EFFECTS OF PROPERTY TAX I_icon_minitimeSat Mar 03, 2018 8:19 pm

    FACTORS USED TO CALCULATE VALUE OF PROPERTY
    • Location of the Property (Neighbourhood)
    • Classification of the Property (Executive, Modern, Standard [I & II])
    • Category of the Property (Agricultural, Commercial, Residential, Industrial)
    • Dimensions – Property Floor Area
    • Modifications to the particular property
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    Honeylu
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    PostSubject: Re: EFFECTS OF PROPERTY TAX   EFFECTS OF PROPERTY TAX I_icon_minitimeSat Mar 03, 2018 8:21 pm

    THE DONKEY LOGIC IN PROPERTY TAX

    It is obvious the Property Tax will be passed on to the “consumer”

    The government itself being a consumer, how much more it is going to cost the government for goods and services when Property Tax is applied? I am sure it is going to be more than they are hoping to collect from Property Tax.

    For example: Contractors would be taxed at 6% industrial rate, they would pass that rate on back to the government. PLUS the additional cost from their supplies . so a contract like the Manzanilla highway could easily go from $400 Million to $450 Million because of Property Tax, so the $500 Million the government planning to collect from Property Tax could be easily wipeout.
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    PostSubject: Re: EFFECTS OF PROPERTY TAX   EFFECTS OF PROPERTY TAX I_icon_minitimeMon Mar 05, 2018 10:45 am

    PROPERTY TAX - ANNUAL RENTAL VALUE – VACANT LAND

    The Annual Rental Value of vacant land will be found by taking a percentage of the Current Market Value of the land.
    Commercial and Industrial 5%

    For example if you have a Commercial or Industrial piece of land worth $5 Million dollars you subtract 5% (5,000,000 – 5% = $250,000) and then subtract 5% from $250,000 ($250,000 – 5% = $12,500)

    Therefore,
    ANNUAL PROPERTY TAX = $5,000,000 -5% = $250,000 -5% -$12,500 per year, or $1041.00 PER MONTH
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    PostSubject: Re: EFFECTS OF PROPERTY TAX   EFFECTS OF PROPERTY TAX I_icon_minitimeSat Apr 28, 2018 1:11 pm

    1- income Tax
    2-Corporation Tax
    3- Health Surcharge
    4- N.I.S
    5- V.A.T
    6- Business Levy
    7- Green Fund
    8-Motor Vehicle Tax
    9- Fuel Tax
    10. Online Tax
    11. Stamp Duty
    12. Tyre Tax

    - Property Tax
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