Real Property Tax (Waiver of Tax) Bill, 2016
c
REAL PROPERTY TAX (WAIVER OF TAX) BILL,
2016
Annex E
Real Property Tax (Waiver Of Tax) Bill, 2016
A BILL FOR AN ACT TO WAIVE REAL PROPERTY TAX ARREARS
AND ACCUMULATED SURCHARGES IN RESPECT OF OWNEROCCUPIED PROPERTY AND DILAPIDATED BUILDINGS
Enacted by the Parliament of The Bahamas
1.
Short title and commencement.
(1)
(2)
2.
This Act may be cited as the Real Property Tax (Waiver of Tax) Act, 2016.
st
This Act shall come into force on the 1 day of July, 2016.
Waiver of tax and surcharge on owner-occupied property.
With effect from the date of the commencement of this Act, all real property tax
arrears and accumulated surcharge is hereby waived with respect to property
with an assessed value of $250,000.00 or less that has been classified as owneroccupied property for the past five years.
3.
Waiver of tax on renovated dilapidated buildings.
(1)
With effect from the date of the commencement of this Act, the Minister
of Finance may, upon application in writing, waive real property tax
arrears and accumulated surcharges on dilapidated buildings purchased
and renovated within a defined period to be used for commercial,
community or educational purposes.
(2)
Prior to the grant of a waiver, the Minister may require the production of
any supporting documents that he may consider necessary.
(3)
This section shall expire two years from the date of the commencement of
this Act.
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