NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday the government and the Bahamas Real Estate Association (BREA) have “agreed on a way forward” concerning the property tax valuation issue.
Back in January, The Bahamas Real Estate Association (BREA) challenged the legality of the Department of Inland Revenue’s property reassessment exercise, which reportedly resulted in 10,000 previously unregistered properties having now been accurately assessed and registered. BREA had urged the government to withdraw its 2022 Assessment of Real Property Tax, citing its appraisers were not properly licensed under the act.
Addressing the matter yesterday Halkitis said: “There was a meeting about a month ago with the Bahamas Real Estate Association. As we said from the outset that their complaint about the non-Bahamians doing appraisals did not arise. That’s not what we were doing. We had a meeting. I think it was productive and we agreed on a way forward in terms of when we do need appraisals and second opinions, to work with them to get that done.”
“Going forward we will be pursuing opportunities to work together. Where there are opportunities to have business or have appraisals done and make sure that we have reputable real estate practitioners we will be able to do that,” said Halkitis.
For her part, BREA president Christine Wallace-Whitfield said the discussion with the prime minister was “positive”.
“At the end of the day we are just trying to make sure we work with the government and that they understand our concerns,” Wallace-Whitfield said.
“When we met with the Prime Minister he understood where we were coming from. I think it was a positive discussion. Moving forward persons will have to get their properties appraised and it will be a busy time for licensed BREA appraisers. They are trained and understand the law of the land. Moving forward I think it is very important we all try to work together.”
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