Bermuda properties ARVs change

This past week the ARV for your own property changed. By looking up your property address on Bermuda Government's land valuation website you can see how this has affected the land tax that you pay.

I have found that for the most part ARVs have gone up - pulling the annual land tax along with it.  Some are unexpectedly large increases and other are relatively minor but in some cases, particularly in the high end properties, they have come down a little. This is in line with rental values which we have seen depreciate island wide over the last year and the rate able value and land tax is supposed to be based on rental expectation. 

With the rental value for properties which fall under rent control being increased from $ 24,600 to $ 27,000 a few weeks ago an increase in ARV may be welcome news for some home owners who are landlords.  Others are going to find that their properties now do fall under rent control where they didn't before and this will have other implications for them.

For the majority of us it is another expense to add to a mounting list of increased expenses which is raising the cost of living here and yet not raising our standard of living or improving our way of life.