Bahamas : Assessment of Real Property

Name of the Organization : Ministry of Finance
Type of Facility : Assessment of Real Property
Country : Bahamas

Website : https://www.bahamas.gov.bs/wps/porta…vZ0FBIS9nQSEh/

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.

Related : Ministry of Finance Bahamas Emergency Relief Guarantee Programme : www.statusin.org/6368.html

A Real Property may fall in the one of the following categories:
** Owner Occupied
** Residential
** Commercial
** 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:
** Property Tax Application Assessment form
** A Declaration of Real Property Tax form
** In regards to owner occupied properties, the owner is also required to complete a 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.

Application Form(s) :
** Property Tax Application Assessment form
** Declaration of Real Property Tax
** Declaration Form Guide
** Affirmation Form

Supporting Documents :
** National Insurance Board Number
** Property Owner’s name
** Valid ID, Passport
** Deed of ownership
** Property Conveyance or Current Appraisal (i.e. less than 12 months old)

Turn-around time :
Assessment request is processed within two to eight weeks.

Deadline :
There is no deadline for this service.

Related Fee(s) :
There are no fees associated with this service.

For more information please contact :
Business Licence/Valuation Unit
Frederick House
Frederick St.
P. O. Box N-13
Nassau
New Providence
The Bahamas

E-mail: businesslicenceinquiries [AT] bahamas.gov.bs

Opening Hours: 9am to 4pm, Monday to Friday

About Us :
The Bahamas extends 760 miles from the coast of Florida on the north-west almost to Haiti on the south-east. The group consists of 700 islands and 2,400 cays with an area of 5,358 sq. miles (13,878 sq. km.). Thirty of the islands are inhabited.

The principal islands include Abaco, Acklins, Andros, Berry Islands, Bimini, Cat Island, Crooked Island, Eleuthera, Exuma, Grand Bahama, Harbour Island, Inagua, Long Island, Mayaguana, New Providence (where the capital, Nassau, is located), Ragged Island, Rum Cay, San Salvador and Spanish Wells.