Legislative Amendments: Real Property Tax

In the 2015/106 Budget Communication presented by the Right Honourable Prime Minister Perry Christie, Prime Minister Christie communicated the Government's intention to modernize the real property tax administration by correcting deficiencies in respect of coverage, assessments, billing and collections, thereby increasing the opportunities for tax incentives and lower tax rates for Bahamians.

These increased opportunities are reflected in the Real Property Tax (Amendment) Act, 2015 (which will come into effect on 1st July, 2015) and are set out below:

RESIDENTIAL PROPERTY

A new category, termed "residential property" has been created. This is defined as "any property that is not owner -occupied, comprising not more than four units, exclusive of outbuildings, beneficially owned by a citizen of The Bahamas, used solely as a dwelling place and from which no commercial enterprise is conducted".