• Property Tax 2016
Article:

Property Tax 2016

08 September 2016

PROPERTY TAX FOR THE 2016 TAX YEAR IS DUE ON SEPTEMBER 1, 2016 TO AVOID PENALTIES PROPERTY OWNERS SHOULD ENSURE THAT PAYMENTS ARE MADE BEFORE DECEMBER 1, 2016.

Property tax is made up of land tax and house tax. For the purposes of property tax, land includes cultivated and non-cultivated land, and a house means any dwelling house or buildings whether occupied or unoccupied.

For the land tax portion there are different rates:

  • BVIslanders and BVI companies pay annually:
  • US$10 for the rst acre, or part of an acre; US$3 for each additional acre X Non-BVIslanders pay annually:
  • US$50 for half acre or less
  • US$150 for greater than half acre but less than one acre
  • US$50 for each additional acre or part thereof

House tax is paid at the same rate for all persons, and is it assessed at 1.5% of the assessed income value of the house/building.

If you have made additions to your existing house or building during the past year, it is important that you inform Inland Revenue so that they may carry out a property assessment. If you do not agree with the assessment you may le an objection to the Magistrate.

Inland Revenue Department does not send out reminders or invoices for property tax, therefore it is the property owner’s responsibility to ensure that taxes are paid on time each year. Failure to pay the property tax due prior to December 1st will result in a 20% penalty being levied.