All real property (land and buildings) must be registered with the Inland Revenue Department. As the new owner of real property, you must notify the Inland Revenue Department and state the date on which you took possession of the property. This will usually be the date on which the agreement was signed or the final payment was made. This is important to determine who is responsible for the tax, and at which point the tax responsibility was passed from one individual to another. Failure to voluntarily notify the department that you are the new owner of a property that is subject to tax, may render you liable to a twenty-five (25%) under-reporting penalty and other interest charges.
The Inland Revenue Department receives information on new property ownership from several sources. When received, our administrative support team will contact the owner to verify this information, and the owner will be asked to identify the property on our map. The taxpayer will be asked to produce a Certificate of Title (COT), identifying the property, the owner(s) and the floor plans with measurements if a structure exists on the land and the plans if they are available. As a property owner you should always have a copy of your COT. The original should be kept in a safe place. If a bank or other financial institution is in possession of your COT, they are required by law to provide you with a copy for tax purposes.
You will be asked to complete a Property Tax registration form indicating your full legal name and address, and other contact information including phone numbers and email addresses. This is important as Property Tax Bills and other important correspondence, will be mailed to the address provided. We require valid identification such as a driver licence, national ID or passport, for registration.
Inland Revenue officers are obligated to explain the entire registration process to you. Please ask questions relating to the valuation process, and how the value for taxation purposes is assessed.