- July 19, 2020
- Real Estate News, Uncategorized
How is Land Tax Calculated?
From Land Tax year 2019 -2020, there has been a change to the tax rates. They are as follows:
Improved Land (for Residential purposes)
- 0.0% of land valued up to $150,000
- 0.1% on the excess of the improved value greater than $150,000 but not exceeding $450,000
- 0.7% on the excess of the improved value greater than $450,000 but not exceeding $850,000
- 1.0% on the excess of the improved value greater than $850,000
Please note that tax on improved land is calculated on the improved value of the land
Improved Land (for Non-Residential purposes)
- 0.95% on the improved value of each parecel of land on which there is a building other than a residence
Vacant Land
- 0.8% of the site value of land where the gross area of the lot is not greater than 4,000 sq ft or 371.6 M2
- 1.0% on all other vacant lands
Please note that tax on vacant land is calculated on the site value of the land.
Source: Barbados Revenue Authority Website