BERMUDA Law and Practice Contributed by: E Scott Swainson, Katrina Dickson and Erik Gotfredsen, Wakefield Quin Limited
Appeals When an ARV is revised, a provisional assess - ment is issued and the owner may challenge the assessment for a short period. The challenge would be referred to a tribunal unless settled by negotiation. There is no right to challenge an ARV once the assessment is no longer provi - sional.
very different rates, so that lower value prop - erties pay almost no land tax and high-value properties pay very high taxes. Taxes are lev - ied based on the ARV of the property, which is determined by square footage and location. Tax Reductions A tax band of 50% currently applies to any part of the ARV that exceeds USD120,000. The only way to reduce tax is to divide the property into units that are each capable of peaceable occu - pation. This option may not be available to over - seas buyers who need Ministerial approval to create a new assessment.
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