- Property tax in Jamaica is based on the value of the property, as assessed by the local government.
- The property tax rate varies between parishes and is typically between 0.025% to 0.15% of the property’s assessed value.
Capital Gains Tax (CGT)
- Capital gains tax in Jamaica is levied on the profit made from the sale of a property.
- The CGT rate is 25% on the net capital gains from the sale of property.
- Inheritance tax in Jamaica is a tax on the transfer of property after death.
- The rate varies based on the relationship between the deceased and the beneficiary, and can range from 5% to 35% on the value of the property.
- Gift tax in Jamaica is a tax on gifts made to individuals.
- The gift tax rate is 20% on gifts exceeding JMD 5 million ($38,000) in value.
Tax on Property Income
- Income generated from property rental is subject to income tax in Jamaica.
- The tax rate ranges from 25% to 35% on the net rental income, depending on the amount.
Tax Advantages of Buying a House in Jamaica
- Property tax exemptions are available for eligible first-time home buyers.
- Mortgage interest payments are tax deductible for properties used as a primary residence.
Common Property Types in Jamaica
- Apartments, townhouses, detached houses, villas, and land are common property types in Jamaica.