Govt moves to amend land tax exemptions for seniors
Created: Mar 07, 2012 08:58 AM
Government has tabled an amendment that would limit land tax exemptions for the Island’s seniors.
The Land Tax Amendment Bill 2012 rolls back the full land tax exemptions granted in 2005 to units occupied by seniors with Bermudian status.
Under the amendment, which was tabled by Premier Paula Cox, seniors would only receive an exemption on properties with an annual rental value (ARV) of $50,000 or less.
In cases where the property’s ARV is greater than $50,000, seniors will receive a tax deduction equivalent to the amount of tax that would be issued to a unit with an ARV of $50,000.
The amendment is expected to bring in around $4 million in lost revenue.
If approved, the amendment will come into effect on July 1.
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Published March 07, 2012 at 8:58 am (Updated March 07, 2012 at 8:58 am)
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