|Improved Value||Amount BB$|
|0% on first||190,000|
|0.10% on next||310,000|
|0.45% on next||750,000|
|0.75% on excess||1,250,000|
Pensioners who occupy their own homes will pay residential rates but on 50% of the amount by which the improved value exceeds BB$150,000.
With respect to commercial, industrial, hotel and villa properties, the applicable rate of land tax is 0.65% on the improved value of the property. A rebate of 50% is granted to hotels and 25% to villas, on production of a certificate from the Barbados Tourism Authority.
Unimproved commercial or residential land is taxed at 0.60% of the site value.
It should be noted that there are no estate or gift taxes in Barbados and there are no capital gains or sales taxes in Barbados other than VAT as identified above.