Promises to Reduce Real Estate Tax

.> (Prime Minister-elect Perry Christie (left) and his former law partner, outgoing PM Hubert Ingraham. Nassau Tribune photo.)>


The Progressive Liberal Party (PLP) swept into office yesterday in a landslide victory.

Prime Minister-elect Perry Christie said the people clearly determined that the country needs a change of direction and promised to tackle social issues.

In a statement issued today, the PLP promised to stimulate the real estate and construction industries and reduce the stamp tax on all Bahamas real estate transactions from 12% to 10%.

It said it will re-introduce a ceiling on the maximum level of real property taxes payable on a residence.

Christie served as prime minister between 1992 and 1997.

Unofficially, the PLP won 29 of the 38 seats with the defeated Free National Movement (FNM) taking the rest.

Outgoing Prime Minister Hubert Ingraham announced he will resign as leader of the opposition, give up his seat and enter private life. Ingraham served a total of three terms.

The fledgling Democratic National Alliance (DNA) failed to capture a seat.


* Your Leading Bahamas Real Estate Source.