NASSAU, BAHAMAS — Homeowners who have pending inquiries or disputes with the Department of Inland Revenue regarding the rate charged for property taxes this year have been granted an extension to the payment period.
The deadline for paying property taxes was March 31.
When contacted, Economic Affairs Minister Michael Halkitis said: ‘We work with them on a one-to-one basis – people who have objections and haven’t resolved them by the deadline – we accommodate them.’
He did not explain how many homeowners have disputes with the department over their taxes.
Dozens of Bahamians face ‘inflated assessments’ of their homes for tax purposes by 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 asking for the extension “just because we’re just inundated with so many people who question” the evaluations of the houses. for tax purposes.
She said the government had sought to work with the association following talks to “help anyone who has questions about their property tax“.
The BREA president encouraged owners to question their invoices where there appear to be discrepancies and to request extensions to the payment deadline.
Eyewitness News reported last month that owners of a condominium complex on Paradise Island received bills this year that were nearly 300% higher than the government’s assessment the previous year and nearly 200% higher than the independent valuation carried out last month.
These owners contested these invoices.
There have also been reports of homeowners receiving tax bills that are 300% and 400% higher than the actual value of their home.
The appeals process requires independent assessment – a process lamented by some because of the cost.
Others have questioned the Department of Inland Revenue’s home valuation methodology and why its valuations are not more in line with appraisers.