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The next time someone you know complains about the roads, schools, hospitals, crime etc. etc. ask them point blank how much money they pay in taxes. Many of the biggest complainers bought their properties via the loop hole - and their annual property taxes?? Maybe $300 US per year.

People that are paid less than $19K Bz per year don't pay income tax so it is up to the middle and upper class earners to pick up the slack.

One of governments larger sources of revenue is the stamp duty on property sales - and people seem to spend way too much time and energy trying to avoid paying - THEN, they complain that the government isn't providing the services they want.

If you are paying the taxes that you are supposed to, and paid your full stamp duties, imporatation taxes etc. etc. then you have a right to complain! If this describes you please consider joining either the Ambergris Caye Chamber of Commerce or the San Pedro Business Association and lend your voice and vote to organizations that are going to make a difference in our community.

Together we can make this a beautiful, productive, & safe environment to live in.

Stamp duty on property sales certainly doesn't encourage buyers. However, I do believe that the property taxes are way to low. Buyers cringe at the thought of having to pony up a huge transfer tax.......they don't mind paying a reasonable property tax.....it's less painful. Property taxes should be at least 4 times what they are now.

"Property taxes should be at least 4 times what they are now."
Agreed...but only if there are sizeable exemptions for ones primary residence, property held over many years...to avoid damaging local families who can't afford to pay high property taxes.

Jesse, I agree.....local residents and small business owners should not have to bear the burden. The ones who definitely can afford it are the people who shell out hundreds of thousands of dollars for their vacation homes.

There is another angle to the stampduty/transfer tax. Those who purchase unimproved/unoccupied land for the purpose of speculation
used to be taxed at a higher rate. This was changed a few years back, I don't understand the logic.

Just another way to give the guys with the big $$$$ a break.

Undeveloped land is still taxed at a higher rate than developed land. There is also a "speculation" tax. Most people I know don't qualify in the speculation bracket so the tax isn't a well known one. However this is the reason why many larger tract land owners on the mainland converted their lands into nature reserves - so that the speculation tax would no longer be a burden.

Really if you look at the stamp duty on real estate as a "one time" tax then it isn't as painful. If you were to analyse the taxes payable on land transfers in the US you would see that the 5% of the purchase price tax is on par with many of the accumulated US taxes. By the time you factor in origination fees, county, state and federal taxes what do you come up with? And then crippling annual property taxes thereafter.

When do you pay this 5% stamp duty? At closing? When title is issued?

Have you all paid this stamp duty?

Title is given when building is finished and I was told they turn a lot of buildings in at the same time to get title. I talked to the guy in Nasville (former racer and I can't remember his name) this week and he said that they were going to wait to turn building "H" in for titles at the same time they turned I-M in for the titles. I encouraged him to turn "H" in for title when "H" was finished and not to wait for I-M.

Because I have a condo in "H" I guess that stamp tax has not been required on anyone in that building as of yet. I just want to be prepared for that when it comes.

Thanks for all the comments. Any other comments that are helpful would be appreciated.

postponing or avoiding the title transfer tax is dangerous and there is some large advantage to sellers that are financing to try and avoid this . be careful ...be very careful.