RESIDENTIAL PROPERTY EXEMPTIONS
There are certain criteria which, when met, would qualify a residential property owner for an exemption. Below are the types of availabel exemptions:
SIXTY YEARS AND OVER EXEMPTION
Qualifying conditions for property tax exemption for person who have attained the age of 60 years and over are as follows:
- Residential property must be an owner “occupied” (Exemption applies to one house)
- Taxpayers must have reached the age of sixty (60) years
- Must use the residential property exclusively for providing accommodation for himself or herself and members of his/her family
SIXTY YEARS AND OVER EXEMPTION CHECKLIST
The following documents must be attached on the request for the above exemption:
- Copy of last property tax receipt (if any)
- Telephone Contact No.
- Proper Mailing address
- Verification of property ownership – land register (stamp on land register should not be more than 6 months old)
- Copy of National Identification Card
- Property owner(s) Tax Account No(s) or National Insurance No.
1ST TIME HOMEOWNERS EXEMPTION
The qualifying period for this exemption is for the first three (3) years in which the home is constructed and becomes habitable.
The qualifying conditions for this exemption entail:
- House must have been completed after 1st April 2001
- Must be a owner occupied residential property
- Taxpayer must be a first time home owner
1ST TIME HOMEOWNERS EXEMPTION CHECKLIST
The following documents must be attached to or written on the Request for Exemption:
- Copy of Mortgage Agreement
- Copy of Service Agreement with LUCELEC
- Copy of Deed ( for house and land package)
- Block and Parcel No.
- Property owner(s) Tax Account No(s). or NIS No(s).
- Telephone contact No(s).
- Proper Mailing Address
RATE OF EXEMPTIONS
The rates of exemptions are based on the value of the mortgage of the properties and are as follows:
|Mortgage value of up to $200,000:||100%|
|Mortgage value of up to $200,001 - $400,000:||75%|
|Mortgage value of $400,000 - 600,000:||50%|
|Mortgage value of over $600,000:||25%|
HOUSEHOLD INCOME OF LESS THAN $6,000
As of 1st April, 2001, households earning less than $6,000 income per annum are eligible for an exemption.
The qualifying conditions are:
I. Must be owner occupied residential property
II. Household income must be less than $6,000 per annum
HOUSEHOLD INCOME OF LESS THAN $6,000 CHECKLIST
The following must be attached to or written on the Request for Exemption:
- Copy of Last Property Tax Receipt (if any)
- Property owners Tax Account # or NIS #
- Telephone Contact #
- Proper Mailing address
- Salary statement(s) of House occupant(s) (or determined by interview)
- Verification of Property Ownership – Deed for Land or Land Register
The following definitions should be noted:
- “Owner” – means a person holding legal title to the property whether singly or jointly.
- “Occupied” – means when it becomes habitable.
- “Habitable” – means the building is enclosed or it is suitable for use.