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Owning a piece of paradise in The Bahamas comes with more than just breathtaking views it comes with the responsibility of Real Property Tax (RPT). But don’t worry with the correct information, paying your RPT can be simple, straightforward, and we will even tell you how to save money each year!
Whether you’re a first-time homeowner, a savvy investor, or planning to build your dream retreat, here’s everything you need to know to keep your property taxes in check and your investment working for you.
Save More with Early Payment
Mark your calendar: March 31st is the magical date! Pay your Real Property Tax before then and enjoy a 10% discount. That’s money you can put toward a weekend getaway or a new home upgrade! Real Property Tax statements are billed in December for the next calendar year.
For Homeowners: Owner-Occupied Properties
If you live on your property, you could benefit from low or no taxes depending on its value:
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$0 – $300,000: Exempt yes, you pay nothing!
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$300,001 – $500,000: Just 0.625%
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Over $500,000: 1% annually
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Properties valued over $12 million: Capped at $120,000
Owner-occupied properties includes up to four units (like a duplex or triplex) perfect for generating extra income while keeping your tax rate low.
For Investors: Commercial Properties
If your property is used for business, has more than four residential units, or is a foreign-owned rental, your RPT rates are:
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$0 – $500,000: 0.75%
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$500,001 – $2 million: 1%
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Over $2 million: 1.5%
This structure keeps investment costs predictable while encouraging long-term growth in our thriving Bahamian real estate market.
For Dream Plots: Vacant Land
If you’re holding land for future development, here’s what you’ll pay:
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First $7,000: $100 flat fee
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Above $7,000: 2% of the remaining value
It’s a small price for holding a slice of Bahamian paradise until you’re ready to build.
Exemptions for Bahamian Citizens
You may qualify for full exemptions if your property falls under these categories:
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Owned by religious, nonprofit, or community-based organizations
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Residential homes in the Family Islands
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Vacant land
These benefits help make homeownership and investment more accessible for Bahamian citizens.
The Bottom Line
Understanding annual Real Property Tax isn’t just about paying bills it’s about maximizing your investment. Early payment discounts, strategic property use, and available exemptions can make a big difference over time.
At Bahamas Realty, we don’t just help you buy and sell property we help you own it with confidence. If you’re ready to make a move or want to learn how Real Property Tax applies to your situation, our team is here to guide you every step of the way.
Call us today!
Speak with one of our experienced agents and let’s make your property ownership in The Bahamas as rewarding as it is beautiful.
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