Potcake Island is intended to be a non-profit surrounded by property that is purchased by owner occupants. Here are the various tax rates:
Annual Property Tax:
Owner occupants who wish to purchase property will be taxed according to the following schedule:
The first $300,000 on owner occupied residential property is tax exempt.
On the value of owner/occupied properties between $300,000 and $500,000, the rate is 0.625% per annum of the market value.
On the portion over $500,000 the tax rate is 1% per annum of the market value of the property.
EXAMPLE:
A $750,000 property would be taxed annually according to the following:
300,ooo. .0. = 0
200,000 .625 = 1,250
250,000 1.0 = 2,500
TOTAL 750,000 = 4,000
A 1,500,000 property would be taxed annually accordingly:
300,ooo. .0. = 0
200,000 .625 = 1,250
1,000,000 1.0 = 10,000
TOTAL 1,500,000 = 11,250
No property tax for Bahamas property used exclusively for charitable or public service from which no profit is derived.
One-time Sales Tax:
Between 2.5% and 10% depending on value of purchase. This is usually split between the seller and the buyer.