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Barbados Begins Land Tax Survey

by Amanda Banks, Tax-News.com, London

07 February 2007


The Barbados Land Tax Department has started taking an inventory of every parcel of land on the island in preparation for the next property revaluation cycle, which will span the period 2008-2011.

The inventory programme, which is expected to continue for the remainder of this year, involves capturing the image of every building and updating the surveyors’ plans and house plans. To facilitate this process, officers of the Land Tax Department will be photographing all buildings on the island.

The government has reminded property owners that they "should cooperate with the officers involved in the programme", all of whom will be carrying Land Tax identification cards.

Barbados levies an annual land tax at 0.6%% on all unimproved land; on improved land the tax is 0.65%. For residential property, there is no tax on improved value up to $125,000, but there is a 0.10% tax on on the excess of the improved value greater than $125,000, a 0.45% tax above $350,000 and a 0.75% tax above $850,000.

Where a company that is incorporated and resident in Barbados or an individual who is a citizen or a resident of Barbados has title to land that is being used exclusively for agricultural purposes, a rebate of tax of 0.5% may be granted under certain circumstances.

A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp

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