NOT REALISTIC.
That’s how a director of the Barbados Estate Agents And Valuers Association Inc. (BEAVA) described the increased valuations on recently circulated land tax bills.
“It is not realistic however you compute it for you to increase what Barbadians have to pay now in land tax for their property when the value of their property is going down,” said David Coombes, managing director of Caribbean Island Properties.
“This asset you own is reducing in value, yet the Government is charging you more to have that asset,” said Coombes, noting that high land tax bills increased the burden on maintaining properties and home ownership.
In his June Budget, Minister of Finance Chris Sinckler announced that in an effort to provide for the expected loss in revenue from the removal of the Municipal Solid Waste Tax , adjustments would be made to the land tax rates and bands as defined under Land Tax Act Cap 78A. (SP)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.