Saint Lucians who have homes to a market value of up to EC$200,000 will be exempted from paying house and land tax come January 1, 2014. So said the island’s prime minister as the House of Assembly passed the House and Land Tax (Amendment) Bill on Tuesday.
Prime Minister Dr. Kenny Anthony said the bill was urgent.
“The Government of Saint Lucia indicated that it would remove from the land and house tax roll persons who have homes to a market value of up to EC$200,000. In other words, the vast majority of poor persons in this country will no longer be required to pay land and house tax if the market value of your home is EC$200,000.”
Homeowners whose property cost more than $200,000 will not be left out. They will be given a credit of up to a maximum of $200,000.
“What’s proposed is that in the case of persons who own homes to a market value of over EC$200,000 they would be given a credit up to a maximum of EC$200,000. So if, for example, the market value of your home for taxation purposes is put at EC$400,000, the land and house tax will be levied not on EC$400,000 but on EC$400,000 minus EC$200,000 — only EC$200,000.”
The prime minister noted that Saint Lucians will enjoy a number of benefits from this amendment including helping to ease the burdens of the Inland Revenue Department.