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
- Vacant Land
Eligibility: All Property Owners. Process:
- 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
- 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.
- A field visit is then conducted by the Unit where details about the property are gathered.
- The office will use the information gathered to determine the value of the property and calculate the real property tax liability.
- The Unit will then write the owner to inform them of the tax liability, or the tax bill is prepared and issued.
- The owner is welcome to object and can visit the office to initiate this process.
- The bill is due and payable once produced. Penalties are incurred if bills are unpaid past December 31st of the current year.
- Property owners can pay property tax at the Real Property Tax office.
- Once payment is made, a receipt is issued by the office.
Information provided at www.bahamas.gov.bs