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From:TheBahamasWeekly.com Local 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.
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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.