Alerts

Alerts

Land Valuation Statistics - December 2016

1.       There are approximately currently 35,900 valuation units in Bermuda.

2.       These valuation units are broken down into approximately:

3.       Pembroke has the highest number of residential units, equating to 17% of the residential stock.  Whereas, the City of Hamilton has the largest number of commercial units, comprising 41% 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 2016, the Department inspected 600 properties and served a total of 643 proposals to amend the 2015 Valuation List for alterations to properties, such as demolitions, mergers, new builds etc.

6.       Approximately 75% of the triggers for property inspections come from the issuance of Certificates of Completion and Occupancy from the Planning Department.  The remaining 25% come from members of the public and the Department, itself.

7.       The 2015 Valuation List came into effect on 1st January, 2016 and Government raises over $63.2 million per annum in revenue from billing on the assessed Annual Rental Values (ARVs) appearing in the Valuation List.

8.       This represents 6.3% of Government revenue. 

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 property professionals and the public alike with an average of 133,000 visitors per year, over five million hits per year and an uptime (availability) of 99.98% for the online search facility alone.

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 and others.

14.   In 2016, the Department provided over 200 appraisals in respect of voluntary conveyances, first time homeowner purchases, probate and insolvencies. 

15.   The Department in 2016 also reviewed over 450 Notices of Transfer in relation to property transactions and approximately 30 properties for purchase by restricted persons.

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