Property owners in Grenada will in the coming days receive a “Notice of Taxable Value”.
This notice according to the Ministry of Finance will provide property owners with the Current Market Value assigned to their properties by the Valuation Department as of December 31, 2022.
The notice comes on the heels of the Ministry’s successful completion of the Property Revaluation Exercise conducted by the Valuation Department of the Inland Revenue Division, consistent with Government’s commitment in the 2023 Budget Statement.
The primary objective of the comprehensive revaluation initiative is to ensure that property values reflect their current market value.
The last comprehensive revaluation exercise was done in 2001, approximately 22 years ago.
The ministry says the revaluation of properties does not inherently lead to an increase in property taxes, as the government retains the flexibility to adjust property tax rates to maintain consistent tax levels beyond compliance with legal requirements.
Updated property tax values are crucial for facilitating accurate damage assessments following disasters, and offer various other benefits to the population.
Property owners who disagree with the assigned value can file a “Notice of Objection.”
Forms are available at the Inland Revenue Division’s main office, or at www.ird.gd, and at any of the District Revenue Offices across the Island.
