Thinking about buying properties in Belize? Belize has become an increasingly attractive destination for expatriates, retirees and investors equally, but before making its move, it is important to understand continuous costs, specifically property taxes. In this blog, we will break How many property taxes in Belize They really are, what factors influence them and why they are often considered surprisingly affordable compared to other countries. Whether you are looking at a villa in front of the beach or a retreat from the jungle, this is what you need to know.
What is the property tax rate in Belize?
The 1% tax rule
Belize keeps super simple things. Property taxes are calculated in 1% of the value of the not improved land. That means that his home, his terrace, his pool or his beach bar did not impose. Only the naked earth.
Based on the value of the Untly developed Earth
Whether you buy a small lot or a large package in front of the sea, your tax is based only on the value evaluated by the country’s government without improvements. This maintains the extremely low cost, only in luxury houses.
Buildings do not affect tax rates
It could have a three bedroom condominium or a mansion by the sea, the tax bill does not change. It is always based on what the earth was worth before something was built on it.
When should property taxes in Belize?
Annual Expiration Date – April 1
Every year, property taxes must be defeated on April 1. That is its deadline to settle with the Lands Department of Belize.
Early payment discounts
If you pay before the expiration date, many municipalities offer discounts, yes, real discounts! Another bonus for being organized.
Online payment options
Ambergris Caye is ahead of the curve with online payment options. If you are investing there, you can pay your taxes from anywhere in the world. Not all areas offer this yet, but it is expanding.
Examples of property taxes of Ambergris Caye
Let’s look at real world examples so you can see how these taxes are translated into real life.
Example 1: Interior lot – 8.5 miles north
Size: 5,500 SQ. foot
Price: $ 56000 USD
Annual tax: $ 112.50 USD
Perfect for terrestrial bank: extremely low transport cost.
Example 2: Plot in front of the beach – 5 miles to the south
Size: 5,800 SQ. foot
Price: $ 269000 USD
Annual Tax: $ 105 USD
Just although it is more extent and on the beach, the tax is lower. Go.
Example 3: Condo – 3.5 miles north
Size: 1,700 sq. ft., 3 beds, 2 bathrooms
Price: $ 399,000 USD
Annual Tax: $ 500 USD
This is the highest we have seen, but still quite low for what you get.
Example 4: Single -family house – mahogany bay
Lot: 4,500 sq. foot
Home: 1,200 SQ. foot
Annual Tax: $ 90 USD
Again, the tax is based only on land, not on the house itself.
Example of the Cayo District Property Tax
Example 5: Home in the town of Santa Familia
Lot size: 1/3 acre
Price: $ 335,000 USD
Annual Tax: $ 5 USD
Yes, really – $ 5. That is not a typographic error. Interior areas such as this have even lower values.
Why are property taxes so low in Belize?
- Belize as a developing country
- Belize does not have a massive infrastructure budget, which is part of why taxes are lower.
Infrastructure considerations
You may not get perfectly paved or high -speed roads, but obtains affordable life and real estate maintenance costs.
The role of foreign investors
The government knows that foreign investment is key to growth, and low taxes make Belize more attractive to expatriates and retirees.
Understand “unvotable land”
What tells how Undowered?
Uncomposted land means raw land: without buildings, without public services, without development.
Why is it important for the budget
Because your tax bill depends completely on this evaluated value, it is important to choose a plot of land.
Land Banking: An smart investment strategy
What is land banking?
Buy now, feel on the ground for years and see it later when the value is appreciated.
- Low retention costs as an advantage
- Property taxes of less than $ 100 per year mean that you can sit and wait without spending much.
- Long -term appreciation potential
- Areas like Ambergris Caye and Cayo are gaining value, which makes this a long solid game.
Read more details about land bank
Pay your taxes on time
SANCTIONS FOR MATERIAN PAYMENTS
Late rates can accumulate, and cannot sell or transfer the property without clearing your balance.
Requirement to sell or register vehicles
To sell your property or even register a golf cart in Ambergris Caye, your property taxes must be updated.
Pay several years in advance
- Many investors pay several years to keep it out of your pending tasks.
- Regional differences in property tax costs
- Coastal properties vs. inside
- The coastal properties generally have higher evaluations than the lots of the interior.
Popular regions such as Ambergris Caye vs. Fell
Ambergris Caye is a popular and more expensive; The Cayo district offers rustic charm and bargain taxes.
How to pay property taxes in Belize
- In person in the offices of the land department
- You can pay at local offices through Belize.
- Online payment portals: Available in Ambergris falls and deployed elsewhere.
Payment tips for expatriates
Have your prayed package number and consulting reminders every March.
What happens if you do not pay your property taxes?
Sale restrictions
You cannot sell a property with unpaid taxes, this arises at the close.
Final thoughts: real estate budget in Belize
Belize makes it so easy to have properties with ultra low tax thesis. If you are buying to retire, invest or the land bank, this is one of the best advantages of Belize Real Estate. Remember always, he thought: It is a developing country. It is possible that their taxes are not allocated to luxury services, but they do support growth and each part helps.
Do you have questions about the property tax? Do not hesitate to communicate with our team: we have an incredible group here on Luna Realty Belize, which is passionate about helping him.
More information about the property tax in Belize See our Expert Guide on Property Tax
Frequent questions about property taxes in Belize
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Are the highest property taxes if I build a house on my land?
No! Property taxes are based solely on the value of the Earth, not on any improvement.
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Can I pay Belize property taxes online from abroad?
In some areas, such as Ambergris falls, you can pay in line with your credit card. Some regions are also beginning to sacrifice online payments.
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Does foreign owners pay the same tax rate?
Absolutely. The 1% rate applies to all: premises and foreigners equally.
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What happens if I pay more my property taxes?
The additional amount is generally maintained as a loan for the future years. Simply communicate with the land department for more details.
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Are there additional taxes related to the property in Belize?
Beyond the 1%annual property tax, there are no recurring local taxes. You will find the bell tax (title transfer rate) duration a sale, but that is a unique payment.
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