Why is a revaluation necessary?
A revaluation is necessary for updating the tax roll and ensuring that property values are in line with the market conditions. The update of all assessments in the island are carried out by the Valuations section of the Barbados Revenue Authority.
The Law of Barbados Cap 229A Section 10 requires that all properties on the island be assessed at market value once every three years. A revaluation is the most equitable way to achieve this.
Who conducts the revaluation?
Valuations are conducted by officers of the Valuation and Assessment Department of the Authority.
The Valuers are professional assessors whose duties are to discover, list and value all real property on the island in a uniform and equitable manner. They have many years’ of experience in property assessments and are very familiar with the marketplace of the assigned areas.
What contributes to changes in my assessment?
General economic conditions such as interest rates, inflation rates and changes in tax laws will influence the value of real estate. As property values change in the marketplace, those changes must be reflected on the assessment roll.
Additionally, improvements that increase the market value of a property will increase the assessment. The following examples are typical items that may increase the assessed value of your property:
- Added rooms or garage
- Substantial modernization of kitchen or baths
- Extensive remodeling.
Normal maintenance will help to retain the market value of your property but generally will not affect your assessment.