Depending on your property’s value, a Bahamas property appraiser can help you determine the tax bill. Property taxes are billed annually in the middle of October and must be paid by the end of December. If you fail to make a payment on time, you will be assessed a surcharge of 5% of the total assessed value. Taxes are payable in Bahamian dollars or US dollars, depending on your preferences.
The Bahamas government has already hired a US-based company to provide these services. While the company has been supplying these services to government agencies for years, it is not a licensed appraiser. Only Bahamians or permanent residents have the right to perform appraisals in The Bahamas. bahamas property appraiser means that some foreign firms are using the Bahamas’ property appraisal laws in order to make money, even without a license.
A Bahamas property appraiser will use a professional approach to value properties. They will use comparable sales information within the company and will have a thorough understanding of sales and rental conditions in the Bahamas. They are also familiar with construction and infrastructure costs in the Bahamas and can accurately estimate the cost to build or renovate property.
VAT tax on real estate transactions in The Bahamas is 10% and is shared between the seller and buyer. However, the first $250,000 of owner-occupied residential property is tax-exempt. Between $250k and $500k, the tax rate is 3/4 of one percent of the market value, while the remaining $500,000 is subject to a 1% tax rate. The tax rate increases to 1.5% per year if the property value exceeds $7k.
If you are considering buying or selling property in The Bahamas, it’s important to find a licensed property appraiser. The property tax unit is the place to look for a professional. The Bahamas has a thriving real estate market. If you’re thinking about moving to The Bahamas, it’s wise to do your homework and learn about the average sale and rental prices in the area. This will help you determine the fair asking price for your property.
In addition to a professional Bahamas property appraiser, you should also look for a licensed real estate agent. These licensed brokers must be members of the Bahamas Real Estate Association. The Bahamas Real Estate Association sets the fees charged by agents. For example, a licensed agent will charge you 6% of the total property value.