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Grenada: Personal Taxation

Property Taxes

Property Tax is a charge placed by Government on real property. The tax is ad valorem, ie each property is assessed at market value and a taxable rate is applied based on the Land Use Classification.

Valuation takes into account the following:

  • Location;
  • Land prices in the area;
  • Development potential;
  • Type of land;
  • Size of land and other relevant factors;
  • Condition of Building.

Rates of tax are as follows:

Classification
Land, %
Buildings, %
Agricultural
nil
nil
Amenity
0.1
0.1
Commercial
0.5
0.3
Hotel
0.3
0.2
Industrial
0.3
0.2
Institutional
0.1
0.1
Residential
0.1
0.15
Reserve
0.1
nil
Waste
0.1
nil

The tax is payable by the owner, or the tenant according to the lease agreement.

The tax is due and payable from the 1st January each year. The property owner is entitled to 5% discount if 50% of the tax is made payable by March 31st and the remaining 50% is made payable by June 30th. From July 1st, a 10% fine is added plus 2% each month, if the tax remains unpaid.

At the time of writing, there is a property transfer tax for foreigners, currently levied at 10% of the consideration for purchasers, and 15% for vendors. The first ECD20,000 is exempted.

 

 

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