The Government of The Bahamas has hired a firm to perform an appraisal of Bahamas properties. However, the appraisers are not licensed to practice in the Bahamas. The company, Tyler Technologies, was contracted by the DIR to conduct a mapping exercise, but does not have the necessary credentials to legally conduct appraisals in The Bahamas. Only Bahamians or permanent residents with work rights are authorised to carry out appraisals in The Bahamas.
Before a property is assessed, the owner of the property must complete the Declaration of Real Property Form. It should be signed by the owner and witnessed by an authorized person, such as a magistrate, registered medical practitioner, bank official, minister of religion, or notary public. The property should be appraised before October 15 to avoid penalties. If it has not been assessed by this date, the Chief Valuation Officer may retroactively assess it for up to 10 years. Property owners who pay in advance are eligible for a discount.
The Bahamas applies a 10% Value Added Tax on real estate transactions, which is shared between the buyer and seller. The first $250,000 of an owner-occupied residential property is tax-exempt. ocean club estates bahamas Between $250,000 and $500,000, the tax rate is 3/4 of one percent of the market value. For properties worth more than $500,000, the tax rate increases to one percent of the market value.
A Bahamas property appraiser can be hired to assess the value of property for the purpose of property taxation. A property tax appraiser can be requested through the Property Tax Unit. A licensed appraiser can also help in the conveyance of property. For this purpose, it is important to make sure the appraiser has knowledge and experience in property appraisal.
A Bahamas property appraiser should be familiar with the market conditions in the Bahamas. This will enable them to provide an accurate appraisal report that will help in determining the market value of the property. Moreover, he should be aware of the comparable sales data within the organization. In addition, a Bahamas property appraiser should have a thorough knowledge of the residential and commercial markets.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is calling on the government to phase-in the real property tax increase. This decision is based on evidence that taxpayers received real property tax bills at six to seven times higher than the original value. This sudden increase in tax liabilities can be devastating for a business during an economic downturn.
Real estate in The Bahamas is characterized by varied landscapes, including sprawling waterfront estates and villas. The ideal place to purchase a property depends on your budget and lifestyle. Before making a decision, however, research average sales and rental prices of nearby homes. This information can help you determine a fair asking price for your Bahamas property.