Barbados Land Tax Now Due
by Mike Godfrey, Lowtax.net, Washington
02 October, 2017
Barbados's Revenue Authority has issued land tax bills for the financial year 2017/18.
The bills show each property's valuation and the land tax due for that property. The issue date of the bills is September 25, 2017. This means taxpayers who pay their bill in full by October 25, 2017, will benefit from a 10 percent discount.
Land tax is charged at the rate of 0.8 percent on the value of vacant land, while land tax on the improved value of residential property is calculated as follows: the first BBD150,000 (USD75,000) in land value is free of tax, the next BBD300,000 (USD150,000) is charged at a rate of 0.1 percent, the next BBD550,000 (USD275,000) is charged at 0.45 percent, and a rate of 0.75 percent rate is charged on any land of value in excess of BBD1,000,000 (USD500,000).
The Authority has advised taxpayers who disagree with any of the details on their bill to submit their objections in writing to the Revenue Commissioner as soon as possible. Persons who have objections will still be entitled to a discount.
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