Real Property Taxes Rates
June 2011

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    Land is currently assessed for the payment of
    real property tax at the rates set forth below per annum:

     

    OWNER-OCCUPIED
    PROPERTY

    COMMERICAL
    PROPERTY

    VACANT
    LAND

    CROWN
    LEASED CAY

    First $250,0000

    Exempt

    First
    $500,000

    1%

    First
    $7,000

    $100.00

    Market value of improvements under $10 Million

    0.5%

    Homes belonging to first time homeowners with market value above $250,000 but under $500,000

    Exempt for 5 years from date of occupancy or conveyance (1)

    Balance

    2%

    Balance

    1.5%

    Market value of improvements above $10 Million

    0.25%

    Homes with market value above $250,000 but under $500,000

    0.75% upon that part of the market value which exceeds $250,000 but does not exceed $500,000 (2)

     

     

     

     

     

     

    Homes with market value above $500,000

     

    1% upon that part of the market value which exceeds $500,000 (3)

     

     

     

     

     

     

    Tax Ceiling

    $50,000 (4)

     

     

     

     

     

     

    (1) Section 5 of Real Property Tax (Amendment) Act, 2008
    (2) Section 3(2) of Real Property Tax (Amendment) Act, 2002
    (3) Section 2(a)(ii) of Real Property Tax (Amendment) Act, 2012
    (4) Section 2(a) of Real Property Tax (Amendment) Act, 2012

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