The Valuation Unit plays a key role in advising and providing valuation and assessment services. This unit is governed by the Land Tax Act, Land Acquisition Act and Stamp Duties Act. It comprises of a staff complement of a chief valuer, a senior valuer, four (4) referencers and one (1) clerk.
The Chief Valuer is the principal advisor to the Commissioner of Lands and Surveys and the Government of Belize on all valuation matters. These include but are not limited to
• Assessment for Stamp Duty Purpose-
What is Stamp Duty?
Stamp Duty is tax levied on freehold property transactions (land transfer). This tax is governed by the Stamp Duties Act, Cap 64 of the Substantive Laws of Belize Revised Edition. Stamp duty is assessed on the Open Market Value of properties for taxation purposes and ranges from 5 % to 8%.” Market Value” can be defined as an estimation of what the most probable price of a property in a competitive, open market would be considering the features and the benefits of the property. As of November 1st, 2017, the Stamp Duty transfer tax for all foreigners on the value of a land more than BZE $20,000 is 8 % and the transfer tax for any Belizean or CARICOM National is 5%. •
Estimating of rent on all leasehold properties
Where a lease is granted, being that the government is the lessor of all leasehold properties, an annual rental fee is charged.
• Assessing freehold market value on properties subject to transfer of ownership/ Land Acquisition
Free-hold properties (Titled properties) refers to private properties. These persons have sole ownership of this estate and sale of this property does not require consent from the Government however there is a transfer tax fee.
• Assessing Leasehold market values on National Lands subject to transfer
Lease-hold properties (leased Properties) refers to properties that are owned by the government but leased to someone for a number of years. At the end of the lease period, the leasee must apply to extend the lease or purchase the land.
• Affixing purchase price for national land
• Conducting valuations for other Ministries (i.e. Ministry of Works, Ministry of Finance)
• Preparing opinions on the value of a land for compensation
