Virgin Islands Property & Yacht | August 2018 | BVI Outdoor Living

Page 18

LAND / THE HARNEYS SERIES

PROPERTY TAX

– THE SUCCINCT GUIDE Our concise guide will help keep you up to speed about property tax W O R D S B Y PA U L M E L L O R , S E N I O R A S S O C I AT E – H A R N E Y S

WHILE PROPERTY TAX in the BVI is relatively low, it does take a little effort to ascertain what is due because no invoices or reminders are issued and property owners must remember to pay the required tax when it becomes due. Property owners benefitted from an extended grace period to pay property tax for 2017 on account of the recent hurricanes, but that period has come to an end and property tax payments for 2018 will be due shortly. There has been some discussion on social media as to whether property tax for 2018 will be postponed or waived on account of the continuing recovery effort, but there has been no official notification to this effect. Property tax is payable on the first of September in each year and covers the calendar year in which the relevant payment falls due. Property tax due on September 1, 2018 therefore covers the period January 1, 2018 to December 31, 2018. While property tax falls due annually on the first of September, property owners are allowed a grace period of three months to pay, meaning that a property owner will not be in arrears as long as the property tax attributable to his or her property is paid on or prior to November 30 annually.

18 | V I P R O P E R T Y & YA C H T

Property tax comprises two elements, as follows: • A tax levied on every acre or part of an acre of land in the BVI (sometimes referred to as land tax); and • A tax levied on the assessed value of every house in the BVI (sometimes referred to as house tax)

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