|
No. 28 of 2002 |
AN ACT TO AMEND THE REAL PROPERTY
TAX ACT |
TO INCREASE THE PORTION OF THE
VALUE OF |
OWNER- OCCUPIED PROPERTY EXEMPT
FROM REAL |
PROPERTY TAX |
(Date of Assent — 30th
December, 2002) |
Enacted by the Parliament of The
Bahamas. |
1.(1) This Act which amends the Real
Property Tax Act, may he cited as the Real Property Tax (Amendment) Act, 2002. | Short title and commencement. Ch. 339. |
(2) This Act shall come into
operation on the 1st day of January, 2003. |
2. Section 3 of the principal
Act is amended as follows - | Amends section 3 of the principal
Act. |
(a) by the repeal of subsection
(2)(a) and the replacement of the following subsection - |
“(2) In respect of the year commencing
on the 1st day of January, 2003, and in respect of every succeeding
year. the rates of tax shall he as follows - |
(a) in respect of owner-occupied
property. other than that part of the market value of the property which is
exempt by virtue of section 39 - |
(i) upon that part of the market
value which exceeds two hundred and fifty thousand dollars but does not exceed
five hundred thousand dollars. a tax at the rate of three quarters of one per
centum per annum of the market value of the property; |
(ii) upon that part of the market
value which exceeds five hundred thousand dollars a tax at the rate of one per
centum per annum of the market value of the property: |
Provided that the maximum annual tax shall not
exceed thirty-five thousand dollars; |
(b) by the insertion immediately after
subsection (8) of the following - |
“(9) Where subsection (2)(a) applies
to property owned by a company. the beneficial owner of such company shall
submit to the Chief Valuation Officer a declaration in the prescribed form
stating - |
(a) that such property is occupied
by the beneficial owner exclusively as a dwelling house; and |
(b) that there is no other property
being held by that company, on behalf of the beneficial owner and used as a
dwelling house for which an exemption has already been granted. |
(10)No claim for relief from taxes
under this section shall he obtained in respect of property used solely Pr
commercial purposes. |
(11)No person shall he entitled to an
exemption under this section unless all taxes and surcharges due and payable in
respect of the property have been paid.” |
3. Subsection (1)(f) of section
39 of the principal Act is amended by the deletion of the words “first hundred
thousand dollars” and the substitution therefor of the words “first two hundred
and fifty thousand dollars”. | Amends section 39 of the principal
Act. |