In The Bahamas, there are several ways to get a property appraised. The first way is to file a Declaration of Real Property Form, which must be signed by the owner of the property and witnessed by an authorized person. That person can be a magistrate, registered medical practitioner, bank official, minister of religion, or notary public. Once the form is filed, the Chief Valuation Officer will assess the property. An annual return is also required and must be filed with the Office of the Chief Valuation.
Another way to get a Bahamas property appraised is to hire an appraiser with extensive experience in the area. A Bahamas property appraiser with experience in the Bahamas should be able to handle all types of real estate in a variety of situations, from residential to commercial. In addition, the Bahamas property appraiser should have a thorough knowledge of the local market conditions. For example, if you are planning to sell your home, you should get the appraised value of the entire property before settling for an offer.
A Bahamas property appraiser should have knowledge of the local laws and regulations regarding property taxation. For example, the government of The Bahamas has a property tax exemption for non-owner occupied properties. This exemption applies to properties with four or fewer units. Additionally, it applies to properties that are not used for commercial purposes. In addition, there are several tax rate reductions that may be available to you.
Another way to get a Bahamas property appraised is by asking an independent appraiser to review the property tax bill. exumas real estate The Bahamas Real Estate Association (BREA) has requested an extension of the deadline for property owners to dispute their real estate tax bills. It is crucial to seek an appraisal when filing an appeal, as these calculations can make the difference between a tax bill that is a hundred percent increase and a bill that is 400 percent higher.
Bahamas property tax is 2% of the market value of the property. It is exempt for Bahamians in Family Islands. Additionally, property tax exemptions are available for commercial farm land. These tax exemptions are available to buyers and sellers alike. However, if the property is owned by a non-resident, the taxes are a requirement for the sale.
As a buyer in The Bahamas real estate market, you will want to find a professional appraiser who understands the local market. Licensed real estate agents must be a member of the Bahamas Real Estate Association (BREA), which is part of the National Association of Realtors. Agents’ fees should be in accordance with the association’s guidelines.
While the Bahamian real estate market is relatively stable, buyers should still do their homework before buying a property. First, find out the average sale price and rental price of comparable properties in the area. This information will help you determine a fair asking price.