As the recession takes a toll on the Bahamian economy, the Bahamas Government is extending a helping hand to homeowners by extending the real property tax surcharge waiver up to the 30^th of June, 2010.

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GOVERNMENT NOTICE

MINISTRY OF FINANCE

PUBLIC NOTICE

Real Property Tax – Surcharge Waiver Extended

The Ministry of Finance advises the general public that effective immediately the Waiver of Surcharge against all properties is extended to 30^th June, 2010 as provided herein:

• 100 per cent waiver for owner occupied properties with a market value of up to Two hundred and fifty thousand dollars ($250,000.00).
• 100 per cent waiver for owner occupied properties that exceed Two hundred and Fifty Thousand dollars ($250,000.00).
• 50 per cent waiver for other properties.

Section 21B Revival of Surcharge

If after December 31^st, 2009 any other property tax remains outstanding in respect of;

(a)   Owner – Occupied Property with a market value of up to two hundred and fifty thousand dollars ($250,000.00)

(b)  Owner – Occupied property which exceeds two hundred and fifty thousand dollars ($250,000.00)

(c)   Other Property

The owner of such property shall be liable to pay a new surcharge of five percent (5%) of such tax per annum, reduced from TEN PERCENT of such tax per annum.

For additional information regarding this matter, kindly contact the Real Property Tax Office, Frederick House, Frederick Street, at telephone (242) 325-1171 or the Administrator’s office in any Family Island.