The Deputy Premier and Minister of Finance, the Hon. E.T. Richards JP MP will take to Parliament changes to The Land Tax Amendment bill, which was tabled on 16th December 2015.
The Minister said today that he will take action to correct an error in the bill which would have unintentionally impacted Bermuda’s senior citizens who are land owners.
The Land Tax Amendment Act 2015 stated an incorrect value for the maximum ARV allowed for the exemption afforded to Bermudians 65 years and older, as per section 3A of the Act.
The corrected ARV limit for the seniors’ exemption is $42,000, NOT $29,000 as tabled.
Based on the new land tax rates which were also tabled in the amendment, the maximum dollar value of the exemption provided for seniors is $1,569 annually which is in line with the previously existing exemption of $1,566.
Therefore, although the ARV value has been lowered, the dollar value of the exemption provided to seniors has been maintained.