Ask The Experts
Property Transfer Tax
Q: In Barbados, how is the property transfer tax calculated and how much is it on average?
A: The Property transfer tax is calculated in the following ways:
- On unimproved property, the tax is 2.5%.
- On improved property, the first US $75,000 is exempt.
- On improved property, amounts over US $75,000 are calculated at 2.5%.
However, it is important to know that the tax is based on the higher amount: either the achieved price or the assessed land tax value.Filed Under:Buying, Selling, Legal