A Bahamas property appraiser is a person who evaluates the value of a property. The valuation of real property is a critical step in the property taxation process. It is important to pay real property taxes on time or risk a power of sale. Additionally, a property owner must submit the Declaration of Real Property Form to the Ministry of Finance’s Valuation Section every year. Lastly, if a property is considered historic, a tax exemption must be applied for.
The DIR has contracted Tyler Technologies, a US-based company, to complete a mapping exercise. However, Tyler cannot legally conduct appraisals in The Bahamas because it is not licensed. Moreover, only Bahamian citizens or permanent residents with the right to work in the country can perform appraisals.
When purchasing real estate in The Bahamas, it is important to choose a company that offers an affordable service. Most appraisers work on commission, and their fees are generally nominal. The fees can range from 0.2% to 0.27 percent of the property’s value. Alternatively, the Bahamas Real Property Tax Unit can initiate a property valuation. The property tax unit sends out the valuation bill once a year in October and payments are due at the end of the year. If you pay in advance, you can receive discounts.
It is important to hire an appraiser who is well-versed in the local market. In the Bahamas, property values often rise rapidly between assessments, and this can significantly increase a property’s tax liability. This sudden increase in tax liability can be devastating for a business during a recession. Fortunately, there are a few good appraisers in the Bahamas who can perform these tasks for you. A Bahamas property appraiser can help you make the best decision on whether to purchase a property.
In the Bahamas, real property taxes are assessed on most real estate transactions. In general, this tax is split between the buyer and seller, but there are some exemptions. For example, the first $250,000 of a residential property is tax exempt. Between that value and $500,000, the tax rate is 3/4 of one percent of the market value. In addition, if the property is worth over $500,000, the tax rate rises to 1.5% per year.
A Bahamas property appraiser is required to be licensed by the Bahamas government and must be able to accurately appraise property. A licensed appraiser can be found through the Property Tax Unit. Once licensed, a Bahamas property appraiser can provide a report that outlines the value of a property, as well as any other pertinent information.
Jill Bullard is a Bahamas property appraiser with 17 years of experience in the field. bahamas property appraiser has earned a Diploma of Professional Appraisal Skills from the Bahamas Institute of Bankers and is a member of the Bahamas Real Estate Association. Additionally, she is a Certified Construction Inspector and a Certified Cost Consultant. She has worked on a variety of projects ranging from large building projects to complex small-type projects.