Only three of the 29 properties listed by the Barbados Revenue Authority (BRA) for tax arrears went under the hammer on Thursday in the Sky Mall Seminar Room at Haggatt Hall, St Michael, netting almost $5 million.
BRA communications Officer Erica Lazare told the Saturday Sun that from February when the list was first published, property owners either paid off the outstanding balance or made arrangements to pay over time.
The Authority had stated that the 29 properties accounted for just over $23 million in arrears and they were placed for auction under Section 34 of the Land Tax Act Cap 78A.
“We had somebody up until that same morning that went and paid the land tax, that same morning, because we opened at 7:30 and the auction was at 9:30,” Lazare said.
“The goal is not to sell people’s properties; it is really to recover the land tax that is owed. So we gave the owners every opportunity to settle the debt.”
Originally listed
The three properties auctioned raked in $4 840 000.
One at Porters, St James, comprising 41 570 square feet and previously owned by Durham Residential Ltd, sold for $2 750 000. Lot 27, Lion Castle Polo Estate,
St Thomas, which was 78 245 square feet, went for $ 1 090 000 while the 1.53 acres at Landsdown, Enterprise, Christ Church, fetched $1 million.
Among those originally listed were Fairholmes Hotel, Regency Cove Hotel and Oasis Hotel as well as Old Jamm Inn, all in Christ Church; three lots at Brighton, St Michael; two lots at Royal Westmoreland, St James; over 130 000 square feet at Cattlewash, St Joseph, and One Accord Plaza in Warrens Industrial Estate, St Michael. Based on the conditions under which they were listed, arrears spanned at least a decade.
However, Paul Bynoe, of B’s Recycling, said his two properties at Cane Garden Park were listed in error.
Lazare could not say how many people paid in full or made arrangements with BRA.
She reminded property owners that March 31 is the deadline for payment of land tax bills for the financial year 2024 to 2025. From April 1, interest and penalties will be applied.
(SAT)
