Property Tax

The Property Tax Act, Chapter 81.21, was enacted by Act No. 19 of 1962. Property tax became effective from year of assessment beginning 1st January, 1962. In accordance with Section 7 of the Property Tax Act Chapter 81:21, Property Tax is an annual tax which is charged and collected on the value of net property owned by every person, including individuals and companies.

Property Tax is applied to the value of net property owned by every individual (i.e. resident and non-resident). Further, Property Tax is chargeable on all categories of property and is not limited to only house and land.

Section 2 of the Property Tax Act defines "property" as follows:
1.    Immovable property e.g. house and land.
2.    Movable property e.g. motor vehicles, furniture, jewellery, paintings.
3.    Rights of any kind and effects of any kind e.g. patent, trademarks.
4.    Proceeds from the sale of any of the above.
5.    Any money investment e.g. savings / fixed deposit account balances, shares, stocks.
 

Net Property is the amount by which the total value of property owned by an individual at the end of the year, exceeds the total value of all debt owned by that person at the time. Section 14 of the Property Tax Act provides for individuals who are resident in Guyana to be assessed on net property owned in Guyana and outside of Guyana. On the other hand, non-resident individuals are liable to Property Tax on net property owned in Guyana only.
 

Property Tax Rates

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The Rates of Property Tax applicable to resident and non-resident individuals are as follows:

Individuals    
On the first $7,500,000 ($1 - $7,500,000) = Nil
On next $5,000,000 ($7,500,001 - $12,500,000) = 1/2 %
On remainder ($12,500,001 and above) = 3/4 %
 

Companies    
On the first $1,500,000 ($1 - $1,500,000) = Nil
On next $5,000,000 ($1,500,001 - $6,500,000) = 1/2 %
On remainder ($6,500,001 and above) = 3/4 %

Exclusions from Property Tax
In the case of a person:

    Property owned outside of Guyana by someone who is not resident in Guyana, or who has ceased to be resident in Guyana, or not domiciled in Guyana.
    Securities issued by the Government of Guyana and held by someone not resident in Guyana.
    Any income of an ecclesiastical, charitable or educational institution or endowment which was not derived from any trade or business carried on by such institution and not used in any trade of business carried on by such institution.
    Investments made in prescribed Guyana Government securities from after 1st January, 1965.
In the case of an individual:
    His right or interest in any life insurance policy the money from which is not due and payable.
    His right to receive a pension or other life annuity
    Any tools and instruments (but not plant and machinery) necessary for him to carry on his profession or vocation subject to a maximum of one hundred thousand dollars ($100,000)
    Household furniture and equipment not intended for sale, subject to a maximum of one hundred thousand dollars ($100,000)
    Work of art, including, including drawings, paintings, photographs and prints, archaeological, scientific or art collection; books or manuscripts not intended for sale, subject to a maximum of one hundred thousand dollars ($100,000)
    Jewelry not intended for sale, subject to a maximum of fifty thousand dollars ($50,000)
    The amount of his credit as an employee in any provided fund.
    Property donated to him subject to a life interest of donor.

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Filing of tax returns

Every Individual (i.e. resident and non-resident) who possess net property in excess of one million, five hundred thousand ($ 1,500,000) dollars on December 31 of any year, must submit a Property Tax Return on or before April 30 of the following year to the Commissioner - General of the Guyana Revenue Authority (GRA).

Penalties - late filing
Where property tax returns are filed after the due date there is a penalty of 2% of the liability for the year. Where the Commissioner General issues a notice of demand for the submission of property tax returns, the penalty is 5% of tax liability for the year.

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