Property re-evaluation expected to increase M&CC revenue substantially
The Mayor and City Council with the assistance of the Ministry of Finance, within the next three months is expected to complete re-evaluating numerous properties around Georgetown.
According to Andrew Meredith, Treasurer, the Council is expected to earn an additional $400M per annum when the properties are re-evaluated. This, he indicated would help to improve the financial situation of the body.
He stated that the re-evaluation process commenced in July and the body is targeting new buildings in Regent Street, Cummings Street, Station Street, Sheriff Street, and Charlotte Street.
Meredith explained that the data gathered while visiting the various premises is taken to the Finance Ministry, where it is compared with information on file and the properties are re-evaluated.
Currently, the cash-strapped municipality earns approximately $2.5M daily but this is not substantial for its operations. Meredith added that the Council should be earning $6M per day.
It was noted that the re-evaluation of properties would only be effective if property owners pay their taxes. Mayor Hamilton Green, on numerous occasions highlighted that Guyana does not have any means of ensuring persons pay their taxes.
Green added that the Council has about 20 entities before the Court for outstanding payments but the system is slothful. The Council is also discussing payment arrangements with delinquent tax payers.