Citizens can expect to begin paying property tax in fiscal 2023.

The announcement was made during Monday’s budget presentation.

The tax will first be imposed on residential properties, followed by commercial, industrial and agricultural.

Finance Minister Colm Imbert says by law, these taxes will be allocated for use by the 14 municipal corporations for the development and maintenance of their respective regions.

Prior to its full implementation, Minister Imbert says a “simple amendment” will be made to the Valuation of Land Act to tighten procedures for the processing of information and the valuation of properties.

“The first Valuation role, when fully completed, should contain about 400,000 residential properties. However ,collection of taxes will commence when the threshold of valuation of 50% of residential properties or 200,000 is achieved,” Minister Imbert said.