CERTAIN RELIEF AND INCENTIVES under the Real Property Tax Act
were introduced in July 2015 that are important to be reminded of
for the tax year 2016.
Tax reduction for pensioners1
A citizen of The Bahamas over the age of 65 years or a
retirement beneficiary under the National Insurance Act is
entitled to a fifty percent (50%) reduction in real property taxes
regarding his/her owner-occupied property on that portion of the
tax payable with respect to the first One Million dollars of the
assessed value. However, no reduction applies regarding the tax
assessed on that part of the assessed value exceeding One Million
dollars.
Tax Reduction for current account2
Persons paying before 31 March the full amount
of all taxes and surcharges due will be entitled to a ten percent
(10%) reduction on the amount paid.
