A Bahamas property appraiser is a person who is authorized to perform appraisals on real estate in the country. They must file a Declaration of Real Property Form signed by the property owner and witnessed by a person who has the legal authority to carry out appraisals. This person can be a notary public or a magistrate. If you are planning to invest in real estate in the Bahamas, you need to make sure that your property is legally assessed.
In the Bahamas, property values have increased substantially in recent years, but the government continues to assess them according to the value of the property. As a result, the tax bills for a property can easily be doubled, tripled, or even quadrupled. In the event that you want to challenge your tax assessment, you should seek independent valuation. An independent appraisal of the property will give you an idea of the value of your property and allow you to decide on a fair appeal.
An expert appraiser will take advantage of the prevailing market conditions, and can help you make the most informed decision when buying a property in the Bahamas. A local appraiser can help you avoid the risks of buying a property that is overpriced or overvalued. By hiring a licensed Bahamas property appraiser, you can be assured of receiving the best value for your money.
In addition to being licensed and certified by the Bahamas Real Estate Association, Bahamas property appraisers are certified in the following fields: Real Estate Appraisals, Review Appraising, and Valuation Consultancy. Jill Bullard has been a real estate appraiser for 17 years and is a licensed appraiser with the Bahamas Real Estate Association. She also holds a Diploma in Professional Appraisal Skills.
As a non-Bahamian professional, you may have trouble finding the right property in The Bahamas. There are a number of factors that can delay the process. You may encounter a delay in the legal process, or you may not be eligible for the property you desire. On average, the home buying process takes around two months. The International Persons Landholding Act of 1994 lifted the restrictions on non-citizens from buying property, but there are still legal hoops to jump through.
There are several legal requirements that must be fulfilled before a property is considered tax-exempt in the Bahamas. The Bahamas has a 10% VAT tax on all real estate transactions and this is generally shared between the buyer and seller. However, the first $250,000 of owner-occupied residential property is tax-free. Between $250,000 and $500,000, the tax rate is 3/4 of a percent of the market value. In addition, there are several tax reductions for properties with a market value exceeding $7,000.
While there are several legal requirements for selling real estate in The Bahamas, they are generally the same as for purchasing real estate in the US. exumas real estate Most of the insurance plans cover fire, hurricanes, earthquakes, and malicious damage. Hurricanes, in particular, are a potential risk in the Bahamas. Fortunately, the government of The Bahamas has a stable economy and is welcoming of foreign investors in real estate.