A Bahamas property appraiser can provide you with a professional evaluation of the property value of your property. A Bahamas property appraisal is important for determining property tax liabilities. Once you buy a property, the government will assess it, and will also charge a tax of between 0.2% and 0.27 percent of its value, depending on the tax year. You must pay this tax on time to avoid additional charges. You can pay your tax in Bahamian currency or U.S. dollars, depending on whether you own your property outright.
The Government has recently contracted Tyler Technologies, a US-based company, to conduct a mapping exercise. Despite being a US company, Tyler cannot legally conduct appraisals in The Bahamas. A Bahamas property appraiser must be a Bahamian citizen or a permanent resident with the right to work in the country. Tyler did not apply for a license to practice appraiser. However, Tyler Technologies did say that it has been providing its services to the government, and is pleased to bring fair taxation to residents.
If you plan to purchase property in The Bahamas, you should hire a licensed local real estate agent. The Bahamas Real Estate Association is the body that licenses real estate agents in the country. Agent fees are set by the association and are standardized for all legal brokers. The standard fee for a licensed real estate agent is 6% for developed properties and 10% for vacant land.
While this may seem like a minor concern, the BCCEC calls on government officials to review the impact of Hurricane Dorian and the COVID-19 pandemic on property tax in The Bahamas. In addition to these disasters, Bahamas property owners may have been suffering from long periods between previous assessments. This can lead to a significant increase in tax liabilities, which can have devastating effects on business operations and families in an economy in turmoil.
bahamas property appraiser is essential that you hire a licensed Bahamas property appraiser for a variety of purposes, including mortgage financing and insurance replacement cost estimates. These professionals have a thorough knowledge of local real estate and know how to interpret the data collected for each transaction. A Bahamas property appraiser will be able to provide you with the most accurate estimates possible.
Berkshire Hathaway HomeServices Bahamas is one such firm. The company employs professionals with experience and a strong commitment to quality. They guarantee superior reporting, fair prices, and fast turn-arounds. And they have a staff of experienced appraisers who can answer any questions you may have.
The Bahamas real estate market is diverse and can range from tiny huts to waterfront estates. Depending on your budget, you may find a beachfront unit to rent out for a reasonable price. If you are buying a property, be sure to do your research to determine the average sale and rental prices of similar properties. This can give you an idea of what is a reasonable asking price.