The Bahamas Real Estate Association plans to meet with the Bahamas government to voice concerns over the removal of a real property tax ceiling.
William Wong, president of the association, says the decision to remove the tax ceiling on owner occupied homes will impact wealthy non-Bahamian real estate/second home buyers. These Bahamas real estate buyers, with their tremendous spending power, play an important role in stimulating the economy, Wong tells The Tribune of Nassau.
Last year the government removed the $35,000 ceiling on such properties and imposed a reduced tax rate of 0.75% on Bahamas real estate valued at over $5 million, as opposed to the previous one percent rate, according to The Nassau Tribune.