Island Living Bahamas

Assessment of Real Property

Assessments are used by the Real Property Tax Valuations Unit to determine the value of a property and its related Property taxes. An assessment can be initiated by the property owner or by the Real Property Tax Unit. A Real Property may fall in the one of the following categories:

• Owner Occupied
• Residential
• Commercial
• Vacant Land

Eligibility: All Property Owners. Process:

1. If a request is made by the owner of the property, the following forms must be completed and submitted to the Real Property Tax Valuation Unit: a. Property Tax Application Assessment form and b. A Declaration of Real Property Tax form
2. In regards to owner occupied properties, the owner is also required to complete an Affirmation form to facilitate tax exemptions on the section that they live in.
3. A field visit is then conducted by the Unit where details about the property are gathered.
4. The office will use the information gathered to determine the value of the property and calculate the real property tax liability.
5. The Unit will then write the owner to inform them of the tax liability, or the tax bill is prepared and issued.
6. The owner is welcome to object and can visit the office to initiate this process.
7. The bill is due and payable once produced. Penalties are incurred if bills are unpaid past December 31st of the current year.
8. Property owners can pay property tax at the Real Property Tax office.
9. Once payment is made, a receipt is issued by the office.

Information provided at www.bahamas.gov.bs