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:

  1. Residential property must be an owner “occupied” (Exemption applies to one house)
  2. Taxpayers must have reached the age of sixty (60) years
  3. 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:

  1. House must have been completed after 1st April 2001
  2. Must be a owner occupied residential property
  3. 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.

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Ⓒ2013 Inland Revenue Department, Government of Saint Lucia.