Bahamas Property Valuation

In the Bahamas, property valuations are done annually by the Chief Valuation Officer (CVO). The valuation process applies to both Bahamians and non-Bahamians who own real estate in The Bahamas. For bahamas property appraiser of property valuation, a “Bahamian” is a citizen of The Bahamas or a company registered under The Companies Act with at least 60% Bahamian ownership. Owners of real estate in The Bahamas must file annual returns with the CVO by December 31 of each year.

To file for real estate tax in the Bahamas, you must first complete a Declaration of Real Property form, completing the details required. The form must be signed by the owner and witnessed by an authorized person. This person can be a magistrate, a registered medical practitioner, a bank officer, a minister of religion, or a notary public. Then, after submitting the form, you must pay the property taxes. If you don’t pay your property taxes on time, the value of your property is lowered by 5% each year.

The DIR is using a company called Tyler Technologies to conduct the mapping exercise. However, Tyler Technologies is not legally permitted to conduct appraisals in The Bahamas, as it is not a licensed appraiser. A licensed appraiser must be a Bahamian citizen or a permanent resident with the right to work in The Bahamas.

An experienced Bahamas property appraiser will use comparable sales and rental data to determine the market value of property in The Bahamas. A Bahamas Realty appraiser will be familiar with both the residential and commercial market. A licensed appraiser will also be aware of construction costs and infrastructure costs that may impact a property’s price.

The Bahamas Property Tax Unit can refer you to a licensed appraiser for assistance in determining your property’s value. These appraisers can be hired through the Property Tax Unit or can be requested through a real estate agent. The Bahamas property appraiser must be a licensed real estate agent in The Bahamas. The Bahamas is a British-based country, but the population has mixed ancestry. Many residents are of British and Irish descent.

The BCCEC is urging the government to consider the impact of Hurricane Dorian and the COVID-19 pandemic when determining a new assessment. Property values may have increased during the protracted period between previous assessments. This can result in significant tax increases. These sudden increases can be devastating for a business, particularly during an economic downturn.

A Bahamas property appraiser can help you make an informed decision on whether or not to purchase property in the Bahamas. These professionals are knowledgeable and experienced in Bahamas real estate. They can also provide you with answers to any questions you may have about the Bahamas Real Estate market. Most appraisers in the Bahamas have experience working with property owners, and they can help you understand the benefits of this lucrative market.

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