Nassau, Bahamas - The Department of Inland Revenue advises the public of the proposed Property Tax for pensioners which will come into effect on July 1st, 2015.
The reduction can be found in section 20A of the Real Property Tax (Amendment) Act 2015 and is available to individuals meeting the following criteria:
- must be a citizen of The Bahamas; and
- entitled to receive a National Insurance retirement benefit; or is not less than sixty-five years old;
- is the beneficial owner of the property for which the tax reduction is to be claimed provided that
Individuals who qualify will be entitled to receive a reduction of 50 per cent on the balance of the annual tax which is payable on the occupied property after the deduction of the owner-occupier exemption. The reduction for pensioners is limited to the first $1 million of the assessed value of the occupied property.
Before a person will be eligible to receive the reduction however, all specified criteria will have to be met to the satisfaction of the Chief Valuation Officer.
For more information email businesslicenceinquiries@bahamas.gov.bs or call (242) 325-2233, 325-1171 or such property qualifies for owner-occupier exemption under the Real Property Tax Act.
