Property owners to pay 18% simple interest on taxes in 2022

City Hall

Georgetown Mayor Ubraj Narine has reminded that in the new year, citizens will be paying 18 per cent simple interest on their property taxes.

At a recent press conference, he outlined that this is a change from the 21 per cent compound interest that was imposed for many years. This is applicable to all properties within the confines of Georgetown.

“Since 1994, interest rates were 21 per cent compound. This Council had reduced that to 18 per cent simple interest and that will take effect from January 1, 2022. It will no longer be compound interest of 21 per cent. It will be 18 per cent simple interest,” said Narine.

Speaking on defaulters, Narine pointed out that many were before the courts but some documents were lacking and as such, those matters were shelved.

“I know for a fact that when I took office, there were a lot of defaulters before the court and we received judgements and so forth but nothing was followed up. You can’t find documents and all these things…It’s just some people don’t want to honour their obligation to the Council. They got an avenue now where they can come forward and benefit.”

In 2019, rates and taxes owed to the Council were pegged at $8 billion. Presently, he said that number must have grown significantly past this figure and is somewhere in the vicinity of $9 billion.

As such, the Mayor and City Council this week announced an amnesty for taxpayers who have outstanding rates and taxes for the municipality and have failed to fulfil these obligations.

Errant taxpayers have until March 31, 2022, to clear their debts to the Council and some will receive pardons on their liabilities.

According to the Mayor, the intention was focused on improving revenue collection for the city. In recent years, billions have been owed by taxpayers and commercial businesses to the Council.

It was noted that the Council’s staffers are under the guidance of clear instructions when responding and handling amnesty cases in ensuring transparency. Any person, corporation, trust or any other stakeholder that is required to pay their rates in the city is eligible to apply for amnesty during this period.

An applicant will have to submit along with the application form, certified application of transport, title, lease, letter of administration; a printout of arrears statement; copy of official form of identification; updated rate evaluation as may be required among other documents.