Land Valuation and Tax (Special Provisions and Postponement of Preparation of Draft Valuation List) Act

What this bill does

This bill extends the life of Bermuda's current property valuation list (from 2015) for an additional 5 years until 2025. It also delays the preparation of a new property valuation list that was supposed to be ready by December 2020.

If passed (voted YES)

• Property values used for land tax calculations will remain based on 2015 assessments until December 2025
• The government will have 5 more years before they must prepare updated property valuations
• Current land tax bills will continue to be calculated using property values that are now several years old

If rejected (voted NO)

• The government would need to proceed with preparing new property valuations by the original December 2020 deadline
• Property owners could face updated land tax assessments sooner, potentially reflecting current market values
• The 2015 valuation list would expire on its original schedule

Who it affects

This affects all property owners in Bermuda, as it determines how their land tax is calculated based on property valuations. It also impacts government revenue collection from land taxes.