Land Valuation Statistics - December 2019

1.       There are approximately currently 36,300  valuation units in Bermuda.

2.       These valuation units are broken down into approximately:

 

3.       Pembroke has the highest number of residential units (5,406), equating to 17% of the residential stock.  Whereas, the City of Hamilton has the largest number of commercial units(1,552), comprising 42% of the commercial assessments.

 

4.       The number of valuation units contained within the Valuation List is changing on a daily basis with valuation units being newly constructed, demolished, merged or split.

5.       In 2019, the Department inspected 650 properties and served a total of 724 proposals to amend the 2015 Valuation List for alterations to properties, such as demolitions, mergers, new builds etc.

6.      In 2019, approximately 53% of the triggers for property inspections were proactive cases raised by the Department, with 32% the result of Certificates of Completion and Occupancy issued by the Planning Department. The remaining 15% came from members of the public requesting an inspection due to property alterations.

7.      The 2015 Valuation List came into effect on 1st January, 2016 and Government projects to raises over $85.4 million per annum in land tax revenue from billing on the assessed Annual Rental Values (ARVs) appearing in the Valuation List for fiscal year 2019/20.

 

8.      Land tax represents 7.6% of Government’s projected revenue for fiscal year 2019/20. 

9.      The total combined ARVs in the 2015 Valuation List are approximately $1.3 billion.

10.   The Valuation List is also used by a number of Government Departments to fulfill their mandates including, but not limited to: 

11.   The Department has maintained a website (www.landvaluation.bm) since 1999 which provides electronic access to the Valuation List 24 hours a day, 7 days a week.

12.  The website has become an invaluable tool for local property professionals and the public alike, with visitors from as far away as India, Philippines, China and Hong Kong. The online search facility alone saw 97,800 visitors in 2019, of which 73.8% were first time visitors, and boasted an uptime (availability) of 99.26%.

13.   The Department also provides an appraisal service to other Government Departments, such as the Office of the Tax Commissioner, the Registrar of the Supreme Court, the Immigration Department, the Estates Section and others.

14.   In 2019, the Department provided approximately 400 appraisals in respect of voluntary conveyances, first time homeowner purchases, probate and insolvencies.

15.   The Department in 2019 also reviewed approximately 750 Notices of Transfer in relation to property transactions and over 60 properties for purchase by restricted persons.

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