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Jamaica Government Taxes

Taxes are mandatory in any country and the same is the case with Jamaica as well. Therefore, you should not try to escape from paying Jamaican taxes. Paying the Property taxes will keep you away from any legal problems. There is no reason to worry about things like How to pay Property taxes in Jamaica, as the procedure for doing so is very simple and quick. Moreover, the real estate taxes in Jamaica are so low that there is no need to avoiding paying them. You do not have to loose much in paying property taxes.

The property tax in Jamaica is also called the Land tax. The local parish, in which the property is situated, collects this tax and deposits it into a special account called Parochial Revenue Fund. It is to be paid by one of the people like the owner of the land, its occupier, or the mortgager. This tax, which is collected from by the government of Jamaica, is used for useful purposes like collection of garbage, providing and maintaining streetlights, developing and maintaining roads, etc. If people do not pay the property tax regularly, the government will not be able to provide these necessary services to people. Therefore, you should never avoid paying land taxes.

If you want further information about ways in which taxes are used in Jamaica, you can check out the official website of land tax department. The property taxes in Jamaica are to be paid by all property owners or purchasers in Jamaica. However, some organizations like churches, etc, are exempted from paying property taxes. You need to be careful about paying government of Jamaica taxes.

You should know about the rules regarding paying property taxes very well. Therefore before investing you should do some research about it and only then you should invest in any property in Jamaica. The best thing to do, for knowing about the property taxes and Jamaica sale taxes is to log on to the official website of the land tax department.

There is a time limit for paying your property tax in Jamaica. You should not delay paying taxes or you may need to pay penalties as well as interest for property tax. The penalties and interest for property tax in Jamaica vary on factors like the number of days you are late, the amount of tax due, etc. If you pay your tax on time, you may also get the advantages like exemption or relief from the land tax. You can save a lot of money in the form of exemption and relief.

You can get further information about the types of taxes in Jamaica, penalties, exemptions, relief on property taxes in Jamaica, and Jamaica real estate sales guide taxes from the official website of land tax department. In some cases, the Ministry of finance and planning can also remit a part or whole of the property tax paid by person(s) or organization.

This is done when it is fully satisfied that it would be a right thing to do. Calculation of Jamaican government Property taxes is based on the unimproved value principle. This principle is defined in the Land Valuation Act. According to this principle, the property tax is calculated depending on the market value of the land. It is important to note that the market value of the open land is taken into consideration, not the construction, or other value addition that has been done on that land.

In addition to the cost of land the things like size of parcel topography, land use, zoning soil classification, development potential, are also considered. The land values have been revised on April 1 2002. Prior to this, the values in the year 1992 were used for calculation of property taxes in Jamaica.

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