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 EFFECTS OF PROPERTY TAX

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Honeylu
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PostSubject: EFFECTS OF PROPERTY TAX   Sat 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   Sat 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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PostSubject: Re: EFFECTS OF PROPERTY TAX   Sat 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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PostSubject: Re: EFFECTS OF PROPERTY TAX   Sat 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   Mon 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   Sat 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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