Effort to modernize real property tax systems to create 40 Bahamian jobs

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Bahamas – The Nature of Real Property. For example, the benefit is given to a piece of land (the dominant tenement) where there is a right to go across the other piece of land (the servient tenement) in order to access the dominant tenement. The right is to benefit the dominant tenement or a business carried on there.

For Mobile Home/Business Personal Property – Use the personal property roll number with a prefix of 9 as the parcel number. Example: Roll number 60-00-001 8 can be entered as 960 00 001. To close this window, press Esc or click anywhere outside this window.

C.) Property taxes become a lien on property January 1 of each year. On May 16, the taxes for fiscal year 2002-03 are already a lien. Property taxes are not the personal liability of either the buyer or the seller. If the taxes are unpaid (for five years) , the property will be sold by the state at a tax auction

The country has no income taxes, capital gains taxes, or profit taxes, and residents are free from succession, inheritance, gift, or estate taxes. The only indirect taxation is a real property tax, ranging from 1 – 2% based on appraised value, owner’s nationality, location and development status.

An economic principle stating that the amount of tax an individual pays should be dependent on the level of burden the tax will create relative to the wealth of the individual. The ability to pay principle suggests that the real amount of tax paid is not the only factor that has to be considered, and that other issues such as ability to pay.

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Nassau, The Bahamas — Effective immediately the Real Property Tax Amnesty Programme could save taxpaying home owners up to 50 percent of what they owe the Government if they act fast and make arrangements with the Assessment team at the Charlotte Street offices.

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Under 12 CFR 7.1000(d), a bank should normally use real estate acquired for future bank expansion within five years. After holding such real estate for one year, the bank must state, by resolution of the board of directors or an appropriately authorized bank official or subcommittee of the board, definite plans for the real estate’s use.