All persons owning property in The Bahamas must pay real property tax. Bahamian citizens do not presently pay real property taxes on properties they own in the Out Islands.
1) Owner-Occupied Property (residential – with the Exemption*)
First $250,000.00 of market value - exempt
* In order for these rates to be applicable – a property must be designated with the Owner/Occupier Exemption. This Exemption is not automatic and must be applied for. The exemption is available for rental homes with a Hotel License.
2) Vacant land owned by non-Bahamians
First $3,000.00 of market value - $30.00
3) Developed property
First $500,000.00 of market value - 1%