FAQ’S – RPT

Yes, one can apply for tax relief on an annual basis. This can be granted after an investigation has been carried out, or a deferral of the tax – this meaning that the tax will be held until the sale or transferral of the property.

If payment is not made before the end of each tax year a 5% interest is added to the outstanding tax amount. Additionally, the treasurer of the Government can put a lien against your property and it can be taken by the Gov’t after due process.

Yes, If tax is not paid by Dec 31st of any tax year a 5% surcharge is applied on January 1.

You have the option to pay in installments or pay in full. If paid in full by March 31, you will receive a 10% discount on the current tax year.

Yes, with approval from the department. The property must not have a mortgage, and a 25% down payment of principal tax is required.

The tax is due by March 31st of each year.

Because it is the law to help the government and country to meet its financial commitments. E.g. for capital development, infrastructure maintenance, medical services, armed forces, pay public servants, garbage collectors, fix and maintain roads, etc.

It was established in 1969. With several amendments made to the Act.

A tax levied by the government on real property, the value of land and improvement (buildings, paved areas, attachments).

Department of Inland Revenue office on Carmichael road or at any Royal Bank of Canada.

Through the Investment Board at the Ministry of Finance.

No, but they have available to them the Pensioner’s Discount for their dwelling home for Bahamians

No islands are exempt with the exception of Freeport who is still under the Hawksbill Creek Agreement.

NO at this time they are tax free , only foreigners pay on these islands

Yet to be determined by this Department, but can be obtained through Ministry of Finance.

If you paid your bill by Pensioner’s Benefit: After 300,000 exemption, a 50% discount on balance of home value not exceeding 1 million dollars. But they must be a Bahamian, 65 years or older, have an NIB Senior Citizen’s card.Full Payment Benefit: If tax is paid by Mar 31st of any tax year, a 10% discount is applied.

Only the exemption under stamp and first time home owner’s exemption.

No Vat is added to REAL PROPERTY TAX because it is already a tax.

By paying to the Department of Inland Revenue on Carmichael Road or at any Royal Bank of Canada. You can also pay by credit card, cheques or wire transfer (see website for details). You may also pay online via the following link: payment.revenue.gov.bs/rpt

Yes, a TIN is required.

No Business licence is needed.

Any property owned by a foreign entity is exempted from tax.

Property owned by Churches/Charitable organizations are also exempt

There are no zones at this time, but each area/location can carry a different rate.

How is tax applied?

A multi-purpose structure is an apartment where the owner occupies a part of the building and the remainder is rented.

The tax is then calculated in proportion to the percentage of the space occupied e.g. If owner occupies 60%, then 60% is then allowed as exempt but not exceeding $300,000.

THIS IS ONLY APPLICABLE UP TO FOUR UNITS

It can change if an addition is made to the property or if there is a general reassessment of properties in the country.

Any lending institution can pay taxes on your behalf but they will add it back into your loan amount should you qualify.

By declaring your property to the department, a declaration has to be completed if an improvement is made to the site. Where an occupancy certificate or conveyance should be provided and if vacant copies of your valid passport.

Yes, a visit is made to each property. Measurements and photos are taken of the ALL REAL property. (e.g. pools, gazebos, anything that is not detached or removable is considered to be real property.

This unit is responsible for assessing each property vacant or not, submit a report and place a value on the property.

All answers must be true and correct and show current market value.*

Yes, but a bounced cheque will result in a $30.00 charge.

The property assessment number.

Bahamians DO NOT pay any real property tax on Vacant land. Non-Bahamians-  1st $7,000 of property value: $100 flat fee. Anything above $7,000: 2% of remaining property value