NASSAU, Bahamas — Deputy Prime Minister and Minister of Finance Peter Turnquest said yesterday the government never intended to increase the real property tax (RPT) rate on second homeowners in The Bahamas when it changed the definition of owner-occupied properties in the act.
In a statement, Turnquest said, “The government of The Bahamas made no undertaking to reduce any tax rate for any individual or any group with the announced decision to revert to the previous definition of owner-occupied properties.
“For real property tax, the government undertook to increase the top end rate for undeveloped land owned by foreigners. This is what was announced in the budget communication. This is what will remain.
“What the government is undertaking to change is the amendment that quantified the time frame for owner-occupied property.
“This is being done simply because that amendment had the unintended impact of bringing legitimate and non-commercial home ownership under the commercial property tax rate. https://thenassauguardian.com/2018/08/09/dpm-law-change-had-unintended-impact/
