When a person owns property in the Bahamas, they will have to file a Declaration of Real Property Form. This form must be signed and witnessed by an authorized person. This person can be a bank officer, magistrate, registered medical practitioner, minister of religion, or notary public. If a person is not a Bahamian, they will have to file the form and have it witnessed by another person. They will also have to pay the annual tax. If they do not pay the tax, they will be fined 5% of the value of the property.
Property tax bills in the Bahamas can be huge. The Ministry of Economic Affairs, Michael Halkitis, has called on residents to appeal their real property tax bills. According to Eyewitness News, some homeowners received bills three hundred percent higher than the government’s valuation. Others received tax bills of up to four hundred and thirty-five percent higher than their independent appraisals. There is a process for appealing the tax bill, but a person needs an independent appraisal in order to be able to properly understand what the taxes will be.
Bahamas Realty’s appraisal department is a world-class company. ocean club estates bahamas The appraisers are certified and fully qualified and provide high-quality services to clients. Their appraisal reports are used for mortgage financing and insurance replacement cost estimates, and to set market values. Bahamas Realty appraisers are approved by the government and are on the list of preferred appraisers of every lending institution and insurance company.
The Bahamas offers title insurance for property owners and can be arranged by the Bahamian Real Property Tax Unit or by the property owner. Property tax bills are sent out annually in October and are due by the end of the year. A discount is available for homeowners who pay their taxes in advance. However, you should be aware that there are some scams and frauds that can happen in the country.
Jill Bullard has over 17 years of experience in the field of real estate appraisal. She is a certified professional appraiser through the Bahamas Real Estate Association and also holds a diploma in Professional Appraisal Skills. In addition, she is a Certified Construction Inspector and a Certified Cost Consultant. She is a member of Berkshire Hathaway HomeServices Bahamas and is licensed in Real Estate Appraisals.
Before buying a house in The Bahamas, it is imperative to hire a local real estate agent. All licensed brokers must be members of the Bahamas Real Estate Association. They must also be licensed by the Bahamas Property Tax Unit. It is also recommended that a property appraiser be licensed in The Bahamas. This will ensure that he/she knows the law and can appraise properties properly.
Insurance requirements vary from place to place. However, the standard homeowners insurance policy covers fire, earthquakes, and malicious damage. While these are normal risks, hurricanes are a specific concern in The Bahamas. While the country has a robust infrastructure, there are still risks of hurricanes.