In a bid to bolster the economy and ease financial burdens on property owners, the government has introduced significant revisions to land, building, and rental taxes for the upcoming year, aligning them with new standards outlined in Law number 048/2023 and its accompanying ministerial order. ALSO READ: Govt makes U-turn on property tax Announced by Uzziel Ndagijimana, the Minister of Finance and Economic Planning, the revised tax regulations will provide a more favorable landscape for property holders. Notably, these changes extend the deadline for payment of land tax, building tax, and rental tax for the year 2023 until February 29, 2024. Under the revamped tax structure, substantial reductions are earmarked for residential property owners. The tax on secondary residential houses has been slashed to 0.5% of the combined market value of the property and land, a noteworthy decrease from the previous 1%. However, primary residences remain exempt from this tax, with owners solely responsible for the land tax. ALSO READ: Government reduces taxes on residential houses Previously, taxes on secondary residential houses were segregated for the house and the land it occupied. Now, these taxes have been amalgamated into a single payment of 0.5% of the total value of both the house and the land. Commercial building proprietors will also benefit from reduced taxes, witnessing a drop from 0.5% to 0.3% of the property's market value, encompassing both the building and the land. However, tax charges on commercial buildings are capped at Rwf30 billion. Furthermore, the revised structure extends its benefits to multi-floor residential and condominium houses, with three-floor houses now taxed at 0.25%, down from the previous 0.5%. Properties with more than three floors will only face a tax rate of 0.1%. In an effort to offer relief, the new rates set the land tax between Rwf0 to Rwf80 per square meter, a substantial reduction from the prior Rwf0 to Rwf300 rate. ALSO READ: New land tax rates: Know how much you have to pay for your plot Additionally, owners of both residential and commercial buildings are required to submit copies of their signed tenant contracts to the designated tax collection entity, in adherence to the rental income tax provision within the property tax law. This submission must take place within 15 days from the contract's signing date. The property tax law, effective September 5, 2023, mandates individuals earning taxable rental income to file a rental income tax declaration by January 31 each year. However, this deadline has been extended to February. Taxable rental income is computed by deducting 50% of the gross rental income, considered as the expenses incurred by the taxpayer for property maintenance, as stipulated by law. These revisions mark a strategic move by the government to stimulate economic growth while offering tangible financial respite to property owners across the spectrum.