February 5, 2021
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Suggestions that today’s Budget will seek to “promote home ownership” and green energy yesterday generated calls for an attitude overhaul and a variety of tax reforms from participants in both sectors.
A Bahamian realtor yesterday revealed that evaluations he conducted for his commercial property clients showed that closer to 10 percent of their real property tax bills are “fair and reasonable”.
A multi-million dollar New Providence boat/yacht repair facility is just one of the investments that can be unlocked by a property “that doesn’t exist anywhere else in The Bahamas”.
Some 70 percent of commercial properties are in arrears on their real property tax payments, it was revealed yesterday, although a “high proportion” of Bahamian homeowners are compliant.
A Bahamian realtor yesterday argued that the use of foreign appraisers is “an insult” to the local industry as he backed arguments that the 2022 real property tax bills are “null and void”.
A prominent realtor yesterday voiced fears The Bahamas will become “a nation for sale” unless it quickly gets its $10.4bn national debt and associated economic and fiscal crises under control.
The real estate investment threshold for economic permanent residency should be increased from $750,000 to at least $1m, a well-know realtor argued yesterday.
A prominent realtor yesterday urged Bahamian voters to challenge general election candidates on how they plan to drag The Bahamas’ ease of doing business “from a third world mentality to a first world mentality”.
A leading realtor yesterday acknowledged he has taken a risk in stepping outside the profession to launch a venture that has $3bn in potential projects “on the table”.
Leading realtors yesterday branded the real property tax system “a colossal mess” that needs to be outsourced to the private sector after it was revealed that up to 40 percent of bills go astray.