The Bahamas property appraisal process is governed by its statutes, which require a property appraiser to make a general assessment of real property. This process is necessary for both Bahamians and non-Bahamians who own real property in The Bahamas. A “Bahamian” is defined as a citizen of The Bahamas, or an entity registered under The Companies Act with at least 60% Bahamian ownership. Property owners must file annual returns with the Chief Valuation Office, which are based on the property’s assessed value.
A company called Tyler Technologies was contracted by the DIR to perform the mapping exercise. However, this company cannot legally perform appraisals in The Bahamas as it does not hold a license or are a Bahamian citizen. This is because appraisers must be Bahamian citizens or permanent residents with the right to work in The Bahamas.
Property owners are required to file the Declaration of Real Property Form and pay real property taxes on time. The form must be signed by the owner and witnessed by a person authorized by the owner. These witnesses can be a magistrate, registered medical practitioner, bank officer, minister of religion, notary public, or other qualified person. Whether a property is owned by a Bahamian is important as the owner of the property may have to pay taxes in Bahamian currency or United States dollars. A person should make sure to pay property taxes on time, otherwise they could be fined up to 5% of the value of the property.
A Bahamas property appraiser can help you find the right home and make an informed decision when it comes to buying or selling a property. They can provide you with information on comparable sales in the area and can provide estimates for construction and infrastructure costs. It is important to choose an appraiser who has the relevant experience and knowledge and is well-versed in the local market.
Another important factor to consider is insurance. While insurance policies are different in each country, you should still make sure you have adequate coverage. Most standard homeowner insurance policies cover fire, earthquakes, and malicious damage. Hurricanes are particularly a concern in the Bahamas, but the country’s infrastructure is highly developed and should be fine.
Another important factor to consider is the time between assessments. This could have affected property values. In some instances, it could have taken years for property values to increase. As a result, a protracted period between assessments may have increased the tax liability by 0 to 500 percent. bahamas property appraiser This sudden increase can have a devastating effect on businesses and individuals in times of economic hardship.
If you are considering purchasing a property in The Bahamas, you will need to hire an appraiser to help you determine what the property is worth. These professionals can be hired by the Property Tax Unit to assess the value of property in The Bahamas.