BVI properties to be reassessed over next 3 years
A section of the main island of Tortola.
A policy that will cause the value of properties to be reassessed over the next three years is being implemented in the British Virgin Islands.
This is according to the 2018 report on the deliberations of the Standing Finance Committee.
The report said: “From 2018 to 2021, it would become requisite for the Inland Revenue Department to conduct reassessments and reappraisals of properties”.
Legislators agreed to implement that policy based on complaints that property owners were being made to pay property tax on damaged properties.
According to the report, the estimated property damaged across the territory was 70 percent.
While the Inland Revenue Department collected a relatively substantial amount from property taxes last year, the report said the September 2017 hurricanes caused a 30.9 percent decrease in property tax payment.
The report further said government lost revenue from tax collections overall.
Payroll tax declined by 10.7 percent while taxes on International Trade dropped by 34.7 percent.
“The revenue for Taxes on International Trade for September to December 2017 was recorded at $ 2.9 million, but the budget expectation had been $ 15.2 million for that time period,” the report said.
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Looks like we are heading for bankruptcy sooner than I thought – thank goodness our Government is planning a massive airport expansion!
The values of these properties will have plummeted; this is because the woeful state of the island 8 months after the hurricanes will stop tourism recovering and will stop the recruitment of highly skilled ex pat financial services and legal professionals. These will be needed because if financial services is to continue in the BVI, which it could if the Government could manage to get its act together, the complexity of the services will need to increase so that good levels of revenue can be generated. we can’t compete on price with the likes of Belize; it has to be on skill. This is why it is so appalling that we have done so little over 8 months due to short sighted pride. Who is going to want to move here to work, on the current showing?
Wait wait is this what the people of the bvi want.if my people want adult entertainment give it to them.The Most High God is in control and we would get more than what we are asking for.why the organisers of the March never march against this growing the adult entertainment. Why we as a people are allowing prostitution to take over our country ?is it because it turn over a few dollars for a few? Me P.L and J
C all I see is destruction. Tell me what you see?
I better start selling because it is hard just having a piece of land.
not as hard as not having a piece of land though, is it?
We need to charge the expat owners higher tax for properties they raise huge rent prices on. They don’t live there and put all rental into BVI Co’s and then pay no further taxes on the rent income. Alternatively they are paid to local bank accounts and still don’t pay any extra tax on this income. This does not do anything for the BVI, other than put higher, unrealistic prices on the houses which are ‘for sale’. If they were for sale, they would be priced to sell. This would create a more fluid market and make it easier for people who want to move on the market. Too many larger properties priced outside of all possibilities for many of the local residents to buy. Lets do something in line with what the local belongers need, rather than lining the pockets of non resident landlords. They milk the cream from the islands and put nothing back.
Also, if the rental costs are lower, you would get more families arriving to live and work.
That’s why we are going to march so yall could put us out as soon as we finish.
Yup BVI property bubble has just burst!! Over-inflated and unrealistic house and land prices have driven most out of the property market. No affordable rentals or homes for sale. The winners are the sub-par contractors, banks and suppliers! No one has started the discussions on the HOUSING market. This market is left unchecked and unregulated – hence why the gated enclaves are popping up and soon to become the norm. When are mrs security are installed to patrol these gated communities it will be way too late. Brexit has been a catalyst in Europe as evidenced by recent changes to Italy’s Government. Geo-political issues within the EU takes precedence unfortunately over our toddler cries and tantrums. As other comments have alluded to, if we were prepared and above-board then what is the underlying reason why UBO registries are the benchmark and we seem to be strongly against this? More in the mortar some may say! Our FS has been built on the foundation of the relationship we have with England. Even Ireland and Scotland have their FS issues which attempts are being made reign in the fraudulent and questionable loopholes that exist. Thebthing heating up faster than a microwave oven!!!
I think you should change the way of thinking.
God will help us all .
Expat owners are already paying higher taxes then Belongers. Why don’t you do a fact-check before you comment.
but not enough. They should be taxed in relation to the income they receive. Some properties are rented way below first world standards for more than $5k per month. This is not on and hopefully it will crash at some point for the belongers sake. The fact that most are up for sale for well above the odds is also a joke. Properties are only worth what someone is welling to pay for it, fact. This is why most properties have been for sale for more than 10 years.
They can’t do their regular jobs, it’s this? LOL!!
Property taxes should be based on property condition, location, market value, major property changes…….etc . Property owners should received an annual appraisal (land/building) value and estimated property taxes. An Appraisal Review Board (ARB) should be established to facilitate property owners challenges to property appraised value and taxes.
ARB should be empowered to effect changes based on verification of information provided property owner(s) or property owner representative. Process completed, a new appraisal and property taxes due should be issued. Appraisal should be issued in time for inclusion in the annual budget. Instead of property being appraised every 3 years, they should be appraised every year. Without impact by a major incident, ie, fire, earthquake, hurricane……etc, appraisals typically should be relatively stable with nominal increase, if any, from year to year.
Unbuilt Freehold properties should also be appraised at some kind of market=value like everywhere else in the world, which I doubt will happen since it will effect the Cronies which are all the big landowners.
Locals never pay their taxes.