NASSAU, BAHAMAS — Financial Secretary Simon Wilson revealed on Thursday that the government aims to generate $25 to $50 million from the sale of delinquent properties.
Legislative changes were made in 2022, enabling the Department of Inland Revenue to sell not only vacant land owned by foreigners who have not paid their real property tax but also the structures and the properties themselves. During the weekly press briefing at the Office of the Prime Minister, Wilson highlighted that property tax delinquency stands at around $700 million.
“We have targeted between $25 million and $50 million from the sale of delinquent properties,” said Wilson. “We have initiated the process for the power of sale for delinquent property tax. We have 77 undeveloped properties and 45 commercial properties up for sale.”
Prime Minister Philip Davis, in his mid-year budget statement on Wednesday, revealed that the vast majority of back taxes owed are by foreign property owners. He also pointed out that billings exceed $340 million, compared to less than $250 million at the beginning of this term.
The Prime Minister emphasized that the Inland Revenue Department has intensified its property collection efforts, including the utilization of the power of sale for foreign-owned and commercial properties.
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