Land Tax Department - Current Tax Rates

Current Tax Rates - Effective Tax Year 2011-12
Property Type	Taxed on		Rate	Remarks
Residential	Improved Value	Up to $190,000	0.00%	See notes 1 & 2
		On the excess of the improved value greater than $190,000 but not exceeding $500,000	0.10%
		On the excess of the improved value greater than $500,000 but not exceeding $1,250,000	0.45%
		On the excess of the improved value greater than $1,250,000	0.75%
All Unimproved Land	Site Value	__	0.60%	See note 3
All Other Properties	Improved Value	__	0.50%	See notes 4,5 & 6

Note 1	A tax cap of Sixty Thousand Dollars (BDS$60,000) has been placed on residential properties, i.e. the maximum tax payable on a residential property is BDS$60,000.00
Note 2	A pensioner shall pay tax at the rate specified but the actual amount payable shall be 40% of the tax demanded, but no such reduction shall be permitted unless the land in respect of which the tax is levied is owned by the pensioner and has a dwelling house thereon; and the dwelling house is used exclusively by the pensioner and his immediate family for their permanent habitation.
Note 3	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 50% may be granted upon application to the Commissioner where; the Site Value exceeds $25,000 and the application is accompanied by a Certificate signed by the Minister responsible for Agriculture, or by a person authorised by him, to the effect that the land is being used exclusively for agricultural purposes and a Tax Clearance Certificate from the Commissioner of Inland Revenue and the VAT Division. Rebates will only be granted within the year for which they are due.
Note 4	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 50% may be granted upon application to the Commissioner where; the Improved Value exceeds $75,000 and the application is accompanied by a Certificate signed by the Minister responsible for Agriculture, or by a person authorised by him, to the effect that the land is being used exclusively for agricultural purposes and a Tax Clearance Certificate from the Commissioner of Inland Revenue and the VAT Division. Rebates will only be granted within the year for which they are due.
Note 5	For Villas, a rebate of 25% on production of a Certificate from the Barbados Tourism Authority.
Note 6	For Hotels, the actual amount payable shall be calculated on 50% of the tax demanded; but no such reduction shall be permitted unless it is a hotel within the meaning of Section 2 of the Tourism Development Act, 2002. Rebates will only be granted within the year for which they are due.