Ministry of Finance met with BCCEC over real property tax reassessment; to meet with BREA next
NASSAU, BAHAMAS — The government is satisfied that it is in total compliance with the law with regards to its real property tax reassessment exercise.
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) and The Bahamas Real Estate Association (BREA) have both expressed concerns over the reassessment, which saw significant property tax assessments for some property owners.
We think that we are on the right side both of the law and good practice.
– Economic Affairs Minister Michael Halkitis
However, Economic Affairs Minister Michael Halkitis yesterday said: “We (the government) are satisfied that we are in total compliance of the law both in terms of the Bahamas Real Property Tax Act and The Bahamas Real Estate Brokers Act.
“We are in total compliance with the law.”
BREA has called on the government to withdraw its reassessment, alleging that its appraisers were not properly licensed under the act.
BREA commended the Department of Inland Revenue for purchasing and implementing Tyler Technology’s tax assessment software, but took issue with the fact that the company also selected to provide appraisal services.
This, it contended, was in contravention of the Real Estate (Brokers and Salesmen) Act, 1995, which prohibits any person from the practice of real estate business, including undertaking appraisals, without a valid license issued under the act.
Halkitis said the Ministry of Finance met with the BCCEC on Wednesday.
“They put some concerns to us and we answered them. We think we have a good understanding going forward,” said Halkitis.
He added that government was also seeking to meet with BREA on the issue.
“We will sit and have a meeting with them and explain our position,” he said.
‘We think that we are on the right side both of the law and good practice in making sure that everyone that should be on the roll is on the roll and has a proper valuation that will enable us to keep rates low.”
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