Stamp Duties & Taxes
REAL PROPERTY TAX
With a value that does not exceed $500,000 a tax rate of 1% is applied to the market value.
In excess of $500,000, a rate of 2% of the market value of the property is applied.
Property owned by Bahamians and situated in the Family Islands is exempt from property tax. Property approved as commercial farm land (by the Minister of Agriculture and Marine Resources, and the Minister Finance) may be eligible for property tax exemptions.
Unimproved property owned by Bahamians, meaning property without physical additions or alterations, or any works benefitting the land which have not increased the market value thereof by $5,000 or more;
Places of religious worship; school buildings and their gardens and playing areas;
Property owned by foreign governments;
Property owned by foreign nations used for consular offices or residences of consular officials and employees;
Property used exclusively for charitable or public service from which no profit is derived.