Land Tax Amendment Act 2023

What this bill does

This bill increases land tax rates for higher-value private homes in Bermuda. It raises the tax rate from 30% to 35% for Band 6 properties, and from 50% to 55% for Band 7 properties (the highest rental value homes).

If passed (voted YES)

• Owners of expensive private homes in the top two rental value bands will pay higher land taxes starting July 1, 2023
• The government will collect more revenue from land tax on high-value residential properties
• Homeowners in lower rental value bands (1-5) will see no change to their land tax rates

If rejected (voted NO)

• Land tax rates for all private homes remain at current levels
• Owners of high-value properties continue paying 30% (Band 6) and 50% (Band 7) rates
• Government does not receive the additional tax revenue from these property owners

Who it affects

This primarily affects owners of the most expensive private residential properties in Bermuda that fall into Annual Rental Value Bands 6 and 7. Homeowners with lower-value properties are not impacted by these changes.