Guam – By next year many property owners will see an increase in their property taxes as the Department of Revenue and Taxation will be completing it’s property tax revaluation by December 31st.
Department of Rev&Tax Director John Camacho says that the agency will be sending out letters notifying property owners of their increase or decrease in property value. Then the equalization board will review and certify tax rolls by the end of March. This board will also accept any appeals people may have on their values. Camacho says property taxes will increase overall by 20 to 30 percent. “In the beginning we’ve always estimated it to be 20 to 30 percent but that’s a real rough estimation the real values are gonna come down by the end of this year,” said Camacho. Camacho says the total net increase in property taxes will be known by the end of the month.