Friday, June 6, 2008 —NASSAU, BAHAMAS— There is good news for potential buyers and current owners of owner-occupied property valued at less than $500,000.

The Free National Movement government recently released the budget for the 2008/09 fiscal year, with considerable benefits for owner-occupied homes, according to a document recently released by the FNM.
The budget provides for an increase in the property tax exemption for owner occupied Bahamas real estate.
“First-time homeowners will benefit from an increase in the ceiling for exemption from real property taxes, from $250,000 to $500,000, for the first five years,” Prime Minister and Minister of Finance the Rt. Hon. Hubert Ingraham announced during the government’s 2008/2009 budget communication delivered to parliament on May 28.
Rachel Pinder, principle broker of Island Living Real Estate in Nassau, Bahamas, called this “good news for the economy and new home buyers.”

This new exemption will serve as an incentive to attract home buyers, Pinder said.
People who purchase residential-zoned vacant lots and build a home in which they plan to occupy rather than rent out, those who purchase a newly constructed home, and people who purchase homes in need of restoration before occupying them also will be able to take advantage of the property tax exemption, the FNM said.
The government also has extended the benefit to homeowners who transfer a home mortgage from one financial institution to another, and in situations where “the applicant seeks to consolidate debts by mortgaging a dwelling home up to a value of $500,000,” the FNM said.
“These changes make it absolutely the perfect time to buy a piece of Bahamas real estate,” Pinder said. “If you have not been able to afford a property, these new incentives may be just what you need to make the dream of living on these beautiful islands a reality.”

Learn More
For additional information about purchasing a home in the Bahamas, please visit Island Living’s Web site: www.islandlivingrealestate.com, or call them for a consultation: 1-242-322-7979/80.

About Island Living Real Estate
Island Living Real Estate has more than 25 years of experience in real estate sales and rentals throughout the Bahamas. Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.

We don’t just help you get the keys to your new home… we give you the keys to your new life.  Welcome home!

© 2008 Sinai Marketing and Island Living Real Estate. Authorization to post is granted, with the stipulation that Sinai Marketing is credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

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