The National Land Agency (NLA) is to undertake a revaluation of the parcels of land in Jamaica.

“This work will take about 12 months. That valuation will advise the new property tax rate for fiscal year 2027/28,” Minister of Finance and the Public Service Fayval Williams said.

She was speaking in the House of Representatives on Thursday at Gordon House.

Williams noted that property tax rates have remained unchanged since fiscal year 2016/17.

“Property values have remained at the same value, as they were then on the books of government. Our property taxes support our municipalities and the National Solid Waste Management Authority (NSWMA). The Prime Minister, to whom the National Land Agency reports, has approved the NLA to begin a revaluation of the many parcels of land in Jamaica,” she stated.

Property tax is levied on property owners to generate revenue for public and community amenities administered by local government.

All residential and commercial properties are subject to property tax, which is assessed on the unimproved value of the land.