Real Property Tax
The Bahamas’ Real Property Tax Act requires all property owners to pay real property taxes annually. The Ministry of Finance has recently communicated its plans to aggressively pursue payment and collection of outstanding property taxes using methods available under Real Property Tax Act to obtain full payment of taxes.
Scotiabank encourages all taxpayers to settle outstanding real property taxes as required by law, specifically on or before March 31, 2022 in order to receive tax discounts applied to early payments. 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 your nearest branch or bank officer if you require additional information to comply with your legal and mortgage obligations.