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How ARV’S are calculated for residential property

Date: April 23, 2018
Author: nahoskins

he Land Valuation Department inspects properties around Bermuda, taking photos and measurements to establish the annual rental value.

The Land Valuation Department uses to following factors to calculate annual rental values, carry out evaluations, and ensure fairness and equity between assessments:

  1. Location: the geographical location also reflects views and typical lot size for the neighborhood.
  2. Property type: house, apartment, or condominium.
  3. Size of living accommodation: measured by using the gross external area of the property.
  4. Size of any ancillary accommodation: includes spaces such as porches, covered verandas, garages, which are also measured by gross external area.
  5. Amenities: such as swimming pools, docks, tennis courts, etc.
  6. Characteristics: anything that could affect rental value (e.g. adjacent to a sewage treatment plant). These vary by individual unit.

 

Information deemed but not reliable via www.gov.bm Property Valuations in Bermuda

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