Real Property Tax
The Bahamas’ Real Property Tax Act requires all property owners to pay real property taxes annually.
The Ministry of Finance communicated its plans to aggressively pursue payment and collection of outstanding property taxes using methods available under the Real Property Tax Act to obtain full payment of taxes and Section 19 of the Real Property Tax Act, Chapter 375, Statute Laws of The Bahamas, imposes on all Mortgagees the liability to pay or cause to be paid all outstanding real property taxes on property over which they hold mortgages under a deed of mortgage.
Scotiabank encourages all taxpayers to settle outstanding real property taxes as required by law, specifically on or before March 31, 2024. Borrowers are reminded that non-payment of outstanding real property taxes is unlawful under the Real Property Tax Act and constitute a breach of your loan and mortgage agreement with Scotiabank.
You should make immediate arrangements to pay outstanding taxes to avoid the consequences of non-payment. Failure to comply with your tax obligations may affect your monthly mortgage payments and the total balance owing under your mortgage and can adversely affect your ownership of the mortgaged property.
We invite you to contact the RPT Office of the Department of Inland Revenue or your nearest branch or bank officer if you require additional information or assistance to comply with your legal and mortgage obligations.