Is there any Bahamas property tax?

All non-residents in The Bahamas must be taxed with real estate interests. The Department of Inland Revenue has the authority to evaluate and reassess the value of any property that has grown. The maximum amount of property tax that may be assessed each year is $50,000.

Bahamas property taxes are usually issued in mid-October and must be paid by the end of December in the following year. The property owner is responsible for making sure that the taxes are paid on time (can be in either Bahamian or US dollars). Failure to pay taxes on time will result in a 5% annual penalty until payment is made. Below are the rates for commercial properties:

• Below $500,000 - 1% of the market value
• Above $500,000 - 2% of the market value