Government of Bermuda
It is not just the size of the living accommodation of a property that goes into the makeup of its Annual Rental Value (ARV). Other property characteristics are also taken into account, which include things such as
As of December 2015, the new
In relation to a valuation unit, means its annual rental value as assessed under this Act, based on the rent at which the valuation unit might, on or about the valuation date on the open market, reasonably be expected to let from year to year if the tenant undertook to bear the cost of internal repairs, and the landlord to bear all other reasonable expenses necessary to maintain the valuation unit in a state to command that rent, but excluding any element attributable to any tax payable under this Act.
Revaluing all properties on the Island for land tax purposes is quite a daunting task. There are over thirty-five thousand eight hundred (35,800) valuation units to value which range from small residential apartments through to a large power station.
The process of the revaluation and life cycle of the Valuation List falls broadly into
All property in Bermuda is revalued every five years by the Land Valuation Department. The revaluation process establishes annual rental values at a point in time, which are used to determine property taxes.
As of December 2015, the new 2015 Draft Valuation List of annual rental values is available for review at all post offices across Bermuda, at the Land Valuation Department offices, and through the online search facility.