Cabot Lodge III pointed out in the two-web page letter that the change would imply that as of January 2019, an owner that resides in their property for less than six months in any given yr can be required to pay actual property taxes yearly at the speed of 0.75 percent on that part of the market value which does not exceed $500,000 and two percent on that part of the market value which exceeds $500,000. Eyewitness News over the weekend obtained the letter written by Lyford Cay Property Homeowners Affiliation Chairman Henry Cabot Lodge III and addressed to Deputy Prime Minister Peter Turnquest and copied to Tourism Minister Dionisio D’Aguilar, in which he said that the association fully understands the need for authorities to raise revenue from all possible sources together with real property tax, there was a scarcity of clarification regarding the implications of the new definition.
The amendments within the 2018/2019 Nationwide Finances adjusted the definition of “owner-occupied property” not to embody the phrase “or seasonal basis.” They added a requirement for owners to reside on their property for six months yearly. International homeowners in the extremely-unique Lyford Cay group in western New Providence are threatening to sell their properties and depart The Bahamas over the government’s lately enacted amendments to the true Property Tax Act, in keeping with a letter to authorities from the property homeowners association. bahamas appraisers As such, he stated, the issue has generated considerable dismay, confusion, and concern in the Lyford Cay community. The unmistakable and esteemed Scottish actor, Sir Sean Connery, aka 007, is a staple of Lyford Cay living.
“We have many ex-pat property owners residing in our community who occupy their houses in the winter months. These house owners retain their residences for their unique use as winter homes and employ their Bahamian employees and their Bahamian support service personnel on a 12 months-spherical foundation. Want to learn extra about Grand Bahama properties on the market? The modification, in the end, means that the annual statutory most of $50,000 will no longer apply for Bahamians, permanent residents, and second homeowners who don’t reside on their property for a minimum of six months. Who does not reside here in the Bahamas for six full months annually? Resides in such property exclusively as a dwelling home that is six months or longer”.