Valuation Unit – Frequently Asked Questions
1. How is the estimate of the current value of a land calculated?When computing the estimate of the current value of a land (i.e. lots, parcels, etc), the Valuation Unit takes into consideration the following factors:
- Size of the land
- Location of the property
- Land use (residential, commercial, agricultural, etc)
- Developed or undeveloped land
- Developed- Type of construction and age of building
2. How is Land Tax calculated?
Land tax is calculated at 1% of the unimproved market value as derived from the Land Tax (Fourth Schedule) which ascribes categories and value for parcels based on location and size. (see the table below)
|Categories||Districts and unimproved per acre value|
|Agricultural||Corozal and Orange Walk||Cayo||Belize||Stann Creek||Toledo|
|30 acres or less||BZ$100.00||BZ$100.00||BZ$100.00||BZ$100.00||BZ$50.00|
|31 acres to 100 acres||BZ$500.00||BZ$550.00||BZ$600.00||BZ$500.00||BZ$100.00|
|101 acres to 200 acres||BZ$400.00||BZ$450.00||BZ$500.00||BZ$400.00||BZ$75.00|
|201 acres to 300 acres||BZ$350.00||BZ$300.00||BZ$400.00||BZ$350.00||BZ$50.00|
|301 acres and above||BZ$200.00||BZ$150.00||BZ$300.00||BZ$200.00||BZ$50.00|
|Beaches and Cayes||BZ$10,000.00||———-||BZ$10,000.00||BZ$10,000.00||BZ$5,000.00|
|Village Lot (1 acre or less)||BZ$1,000.00||BZ$1,000.00||BZ$1,000.00||BZ$1,000.00||BZ$500.00|
3. How is the value of a parcel calculated?
The value of a parcel is the result of computing the rate per square yard or per acre for the location and in the case of a parcel with a structure, the construction cost per square feet for the floor area of the structure.