Erik M. Says:
What are property taxes like in Belize?
IL Contributor Laura Diffendal Writes:
Tax on property is very low in Belize. Depending on which part of the country your property is in, the rate will be about 1.5% of the assessed valuation.
What makes the tax low is that the assessed valuation is usually very little, a consequence of government policy to encourage development. As a result, you can expect to pay less than $500 a year on most houses and condominiums, and in many cases, the annual tax will be under $100.
Property taxes are assessed by the Belize government and are due on April 1 of each year.
Low property taxes are important to remember in deciding how much to spend on a residence, in calculating living expenses, and in setting the price when you decide to sell a house or condo.
Transfer taxes, known as stamp duty, on the purchase or sale of property are currently 8% of the value of the property or consideration (whichever is higher) with the first $10,000 of value exempted from taxation.
There is no capital gains tax on the disposal of property in Belize.
Read more about real estate in Belize here.
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