The Real Property Tax Act governs the taxation of real property situate in the Commonwealth of The Bahamas. Rates of Real Property Tax and definitions of categories of property tend to change following annual Budget Communications by the Government and GrahamThompson is pleased to provide an easy to navigate document setting out the current rates and categories as of 1st April, 2020 for your ease of reference, Real Property Tax Information & Rates, April 1 2020.
All real property is assessable for Real Property Tax, unless an owner is exempt (limited and specific exemptions exist for certain types of property only). Real Property Tax is payable annually and is calculated based on a property’s (i) “market value”, as defined in the Real Property Tax Act, (ii) type and (iii) use. On the purchase of real property, a Purchaser is required to declare its ownership with the Department of Inland Revenue and advise Inland Revenue of the Purchaser’s intended use thereof in order for the property to be assessed. Download our update here, Real Property Tax Information & Rates, April 1, 2020.