A Bahamas property appraiser is a person who is certified to assess real property. He conducts his work through field visits and takes photographs of the property. ocean club estates bahamas The result is a tax assessment based on the information he collects. However, this assessment is subject to change, depending on improvements to the property or future reassessments of property values in the country. An appraiser can be contacted by the property owner or by the Real Property Tax Valuation Unit.
Taxes on real property in the Bahamas must be paid by the end of each year. The property owner must submit a form, called the Declaration of Real Property, to the Bahamian Real Property Tax Unit. This form is signed and witnessed by an authorized person, such as a magistrate, a registered medical practitioner, a bank officer, a minister of religion, or a notary public. The property is assessed if the property owner has lived in the property for at least five years. The assessment of property can be retroactive, up to ten years. Once the property is assessed, a notice is mailed to all property owners.
Real property taxes in the Bahamas vary depending on the type of property, owner, and market value. In most cases, both the buyer and seller must pay the tax. However, there are certain exemptions. Family islands and undeveloped land are exempt from taxation. However, non-residents must pay real property taxes.
In addition to obtaining a tax assessment, a property seller must check government records. This means that he or she needs to check the Bahamas government records to ensure that the property is properly assessed for taxes and is not owned by someone else. The government can also confirm the last tax payment for the property.
The Bahamas property market is a diverse one ranging from quaint cottages to expansive waterfront estates. The area you choose to purchase a property in will depend on your budget, but it is important to do some research to get a fair estimate. Researching the average sales and rental prices in the area will provide an idea of what to ask for.
If you are not satisfied with your tax assessment, you may have to appeal the decision. You can also file a dispute in the Real Property Tax Appeal Tribunal. However, you must be aware that you have thirty days from the date of your tax assessment to file an appeal. Thereafter, you have the final right of appeal in the Supreme Court.