Land Valuation Statistics - 31st December 2023

  1. There are approximately currently 36,600  valuation units in Bermuda.
  2. These valuation units are broken down into approximately:
Valuation Units Graph as of 31st December, 2023

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.

Residential Valuation Units as at 31st December, 2023
Commercial valuation units as at 31st December, 2023

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 2023, the Department inspected 402 properties and served a total of 348 proposals to amend the 2015 Valuation List for alterations to properties, such as demolitions, mergers, new builds etc.

6.      In 2023, approximately 27% of the triggers for property inspections were proactive cases raised by the Department, with 56% the result of Certificates of Completion and Occupancy issued by the Planning Department. The remaining 17% came from members of the public requesting an inspection due to property alterations

Triggers for property inspections in 2023

7.      The 2015 Valuation List came into effect on 1st January, 2016 and Government projects to raises over $87.2 million per annum in land tax revenue from billing on the assessed Annual Rental Values (ARVs) appearing in the Valuation List for fiscal year 2023/24.

Estimated revenue 2023/24 in BD$ Millions

8.      Land tax represents 7.5% of Government’s projected revenue for fiscal year 2023/24. 

Categories of revenue expressed as a percentage of total estimated revenue for 2023/24 of $1,155.5 million

9.      The total combined ARVs in the 2015 Valuation List are approximately $1.315 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 ( 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 Brazil. The online search facility alone saw 26,000  visitors in 2023, an average of 71 visitors per day, of which 71.4% 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 2023, the Department provided approximately 300 appraisals in respect of voluntary conveyances, first time homeowner purchases, probate and insolvencies.

15.   The Department in 2023 also reviewed over 200 Notices of Transfer in relation to property transactions and 60 properties for purchase by restricted persons.