Property Costs & Fees

Stamp Tax Rates

A Government Stamp Tax Duty is charged on real estate transactions; deeds, conveyances, transfers and assignments. These rates are usually shared equally between the buyer and the seller unless otherwise agreed upon.

Up to $20,000 – 4%

Above $20,000 but less than $50,000 – 6%

Above $50,000 but less than $100,000 – 8%

Above $100,000 – 10%

First time buyers may be exempted from stamp tax on the purchase of a home under $500,000.

Real Property Tax Rates

Owner occupied

Up to $250,000 – Tax exempt

Above $250,000 but less than $500,000 – 3/4%

Above $500,000 but less than $5,000,000 – 1%

Above $5,000,000 – ¼%

Vacant land

Up to $3,000 – $30

Above $3,000 but less than $100,000 – 1%

Above $100,000 – 1 ½%

Other property

Up to $500,000 – 1%

Above $500,000 – 2%

Exemptions: Property owned by Bahamians and situated in the Family Islands is exempt from property tax. Property approved as commercial farm land (by the Minister of Agriculture and Marine Resources, and the Minister Finance) may be eligible for property tax exemptions.

Unimproved property owned by Bahamians, meaning property without physical additions or alterations, or any works benefitting the land which have not increased the market value thereof by $5,000 or more;

Places of religious worship; school buildings and their gardens and playing areas;

Property owned by foreign governments;

Property owned by foreign nations used for consular offices or residences of consular officials and employees;

Property used exclusively for charitable or public service from which no profit is derived

Real Estate Commission Rates

Undeveloped property – 10%

Developed property – 6%

*The seller is normally responsible for the payment of real estate commissions.

Legal Fees

Legal fees can vary but generally range between 1 ½% – 2 ½% of the selling price of the property. There is also a nominal recording fee. Buyers and sellers are usually responsible for their own legal fees.