A Bahamas property appraiser is a professional who determines the value of a property. Those who wish to buy real estate in the Bahamas must complete a Declaration of Real Property (DRP) form and submit it to the Ministry of Finance’s Valuation Section. This process is also required if the property is a historical building. Property owners are responsible for paying real estate taxes in Bahamian or US currency. If they fail to do so, they can lose their property.
Before engaging a Bahamas property appraiser, property owners must make sure they are licensed and have property in the Bahamas. Once a property appraiser has been hired, the owner must pay the appropriate amount of property taxes. exumas real estate The bill is sent out in October each year and must be paid by the end of the year. Advance payments can result in discounts.
The BCCEC urges the government to take into account the effects of Hurricane Dorian and the COVID-19 pandemic when assessing property taxes. Many property owners experienced tax increases of 100 percent to 435 percent. The sudden increase in tax liabilities can be devastating to businesses, especially during an economic downturn.
Real estate in The Bahamas varies greatly, from waterfront estates to sprawling villas. It is important to consider your budget before making a significant purchase. You should also research average sale and rental prices in your desired area. This can help you determine what the asking price is for your property. Lastly, you should check utilities and other factors.