The government Tuesday night unveiled massive increases in property taxes which are scheduled to take effect in less than 24 hours.

The widely expected surge in rates was announced by Audley Shaw, Minister of Finance during the Standing Finance Committee of Parliament which is meeting to consider this year's budget. Mr. Shaw told the Committee the increases in property taxes, which take effect on Thursday, are expected to yield $3.4 billion. The money will be used to cover street lighting and solid waste expenses. "In order to achieve that, with effect from April 1, 2010, the flat rate which is applicable to the unimproved values of property of up to $300, 000 in value will be increased from the current flat rate of $600 to a new flat rate of $1,000," Mr. Shaw said. The finance Minister also announced increased rates for properties in which the unimproved value exceeds $3,000. "For every dollar there after, it is being increased from the present rate of half of 1% to three quarter of 1%, which is a 50% increase. I have signed the order which will be gazetted on Wednesday and therefore effective April 1, these new rates will apply." He said.