- There are approximately currently 36,500 valuation units in Bermuda.
- These valuation units are broken down into approximately:
- 32,700 residential valuation units
- 3,700 commercial units
- 100 tourist units
3. Pembroke has the highest number of residential units (5,440), equating to 17% of the residential stock. Whereas, the City of Hamilton has the largest number of commercial units(1,559), 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 2022, the Department inspected 523 properties and served a total of 574 proposals to amend the 2015 Valuation List for alterations to properties, such as demolitions, mergers, new builds etc.
6. In 2022, approximately 44% of the triggers for property inspections were proactive cases raised by the Department, with 37% the result of Certificates of Completion and Occupancy issued by the Planning Department. The remaining 19% 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 $80 million per annum in land tax revenue from billing on the assessed Annual Rental Values (ARVs) appearing in the Valuation List for fiscal year 2022/23.
8. Land tax represents 7.4% of Government’s projected revenue for fiscal year 2022/23.
9. The total combined ARVs in the 2015 Valuation List are approximately $1.31 billion.
10. The Valuation List is also used by a number of Government Departments to fulfill their mandates including, but not limited to:
- The Economic Development Department for determining if a property is available for sale to a restricted person.
- The Rent Commissioner for determining if a property is subject to rent control.
- The Transport Control Department to ensure that only one car can be registered per household.
- The Parliamentary Registrar registers voters using the Valuation List as an address database.
- The Statistics Department uses the Valuation List as an address database to carry out census work and other surveys.
- The Department of Education, as an assessment number is required for school registration.
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, Japan, China and Russia. The online search facility alone saw 41,500 visitors in 2022, of which 72.8% were first time visitors, and boasted an uptime (availability) greater than 99%.
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 Economic Development Department, the Estates Section and others.
14. In 2022, the Department provided approximately 250 appraisals in respect of voluntary conveyances, first time homeowner purchases, probate and insolvencies.
15. The Department in 2022 also reviewed over 200 Notices of Transfer in relation to property transactions and 80 properties for purchase by restricted persons.