Real Property Tax in the Bahamas: Rates, Deadlines, and Appeals

Real Property Tax is an annual obligation for property owners in the Bahamas. Understanding how it works protects you from penalties and ensures you are not overpaying. WHO MUST PAY All owners of property in the Bahamas, with the exception of: - Properties owned by the Government of the Bahamas - Properties of certain registered charities - Owner-occupied residential properties with assessed value below $300,000 RATE SCHEDULE (Current) Owner-occupied residential: - $0 - $300,000: EXEMPT - $300,001 - $500,000: 0.625% - Above $500,000: 1.0% Non-owner-occupied residential: - First $500,000: 1.0% - Above $500,000: 1.5% Commercial property: - First $500,000: 1.0% - Above $500,000: 1.5% Vacant land: 1.5% flat rate PAYMENT DEADLINE March 31 each year. A discount is available for early payment. Late payment attracts interest and eventually a lien on the property. CLEARANCE CERTIFICATE A Real Property Tax Clearance Certificate is required to complete any property sale. Apply at the Department of Inland Revenue. HOW TO APPEAL If you believe your assessment is incorrect: 1. File a formal objection within 30 days of receiving your assessment notice 2. Submit to the Department of Inland Revenue 3. Provide evidence supporting your valuation (comparable sales, professional valuation) 4. If unsatisfied, appeal to the Property Tax Appeal Tribunal CONTACT Department of Inland Revenue: (242) 225-7280 Online payments: Bahamas.gov.bs