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Jamaica – Property Taxes

Property Tax

  • 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

  • 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

  • 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

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  • 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.