The State will move to begin collection of property tax in financial year 2024, Financial Minister Colm Imbert announced during Monday’s presentation of the national budget.

“Upon proclamation and operationalization of the relevant sections of the Local Government legislation, residential taxes will be collected by the two cities, five boroughs and seven corporations, to benefit our citizens within the 14 municipalities,” Minister Imbert said.

He said the Property Tax regime, which replaces Land and Building taxes which were suspended in 2010 and now fully repealed, will continue the tax modernization process.

He added, “This will provide local government bodies with a new and sustainable revenue stream to be used for procuring goods and services and/or their development programs- and not for personal expenditure.”

The Finance Minister also sought to quell concerns that the introduction of the tax will lead to widespread suffering, as he reasoned, “For example, with an annual rental value of 24,000 the property tax will be $54 per month (or $648 a year)”

Legislative amendments will be made “in due course” to ensure that the money is not used for the wrong purpose.