Land & House Tax Legislation Changes

GOVERNMENT OF SAINT LUCIA
INLAND REVENUE DEPARTMENT
Ministry of Finance, International Financial Services & Economic Affairs

Land & House Tax Legislation Changes

Please be informed that in accordance with Section 13 of the Land & House Tax Act Cap. 15.13 of the Laws of St Lucia the basis for assessing residential property has been changed from the Annual Rental Value (A.R.V) to the Market Value (M.V).

The above Act defines Market Value as “the amount that a property might be expected to realize if it is sold on the open market by a willing seller to a willing buyer dealing with each other at arm’s-length.

The new tax rates for residential and commercial properties are as follows:-

Residential Properties – 0.25% of the market value
Commercial Properties – 0.4% of the market value

The effective date for the implementation of the above change is 1st January 2012.

Please be guided accordingly.