NASSAU, BAHAMAS – Homeowners that have pending inquiries or disputes with the Department of Inland Revenue over the rate charged for real property taxes this year have been provided an extension of the payment period.
The deadline for payment of real property taxes was March 31.
When contacted, Minister of Economic Affairs Michael Halkitis said: “We’re working with them on a one-on-one basis — people who have objections and didn’t get them solved before the deadline — we are accommodating them.”
He did not expound on how many homeowners have disputes before the department on their taxes.
Scores of Bahamians face “inflated valuations” of their homes for tax purposes by the Department of Inland Revenue
Ahead of the deadline, Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield said she wrote to the Department of Inland Revenue requesting the extension “just because of the fact that we’re just inundated with so many people querying” valuations of homes for tax purposes.
She said the government has sought to work with the association following talks to “help all of those who have any queries on their real property tax”.
The BREA president encouraged homeowners to query their bills where there appears to be disparities and apply for extensions on the period to pay.
Eyewitness News reported last month that the owners of a condominium complex on Paradise Island received bills this year that was nearly 300 percent over the government’s valuation the year prior, and nearly 200 percent over the independently appraised value performed last month.
Those homeowners have disputed those bills.
There have also been reports of homeowners receiving tax bills that were 300 percent and 400 percent over the actual value of their homes.
The process to appeal requires an independent valuation — a process bemoaned by some due to the cost.
Others have questioned the methodology of the Department of Inland Revenue’s assessment of homes and why its valuations are not more in line with appraisers.
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