If the total value of the property I own is more than the total value of all the debt I owe at the end of the year, I am required to submit a Property Tax return. Property Tax is charged annually and refers to the taxes calculated on all property. The tax is applied if the property value is higher than any debt owed at the time (e.g. mortgage)
For taxation purposes Property is defined as:
- Movable (car, furniture, etc.) or immovable (house, land)
- Rights of any kind, and effects of any kind, located in Guyana or elsewhere
- Proceeds from the sale of a property
- Any money or investment for the time representing them.