Property Tax

Buying property, a home or a business in Barbados is not difficult, as there is no differentiation made between nationals and non-nationals.

Realtors Limited can handle all your queries as well as manage your accounts to ensure payment of all taxes and fees, especially if you are not living on the island.

Property tax is an annual tax charged on property and is one of the primary sources of revenue for the local government of Barbados.

An annual tax is charged on property. This tax is paid by the real estate owner based on the assessment made on the improved value, or if undeveloped, on the site value of the property. This is determined by the Commissioner of Land Tax.

These Government valuations are reviewed every three years and the next review is scheduled for 2008.

Please see below for guidance on rates for owner occupied residences:

Taxable Income (BBD Dollars)| Marignal Tax Rate

- Up to $350,000.00| 0.2%
- $350,000.00 to $850,000.00| 0.7%
- Over $850,000.00 | 1.0%

Since 2003, the first $125,000.00 of a Barbadian property's value is exempt from taxation.

The following tax rates should also be noted:

Properties other than residences | 0.7%
Unimproved land| 0.8%

The current exchange rate guide: BBD $1.98 - US $1