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As of January 2016
Government Stamp Duty & VAT
Government Stamp Duty and Value Added Tax (VAT) are payable on land sales, unless a transaction is specifically exempted.  Stamp Duty and VAT are charged as a percentage of either the consideration paid for a property or the market value of it, which ever amount is greater.  
Conveyances of vacant land and residential property valued at $100,000 or less are stamped at 2.5%, and no VAT is payable.
Conveyances of vacant land and residential property valued at over $100,000 are stamped at 2.5% plus 7.5% VAT is payable.
Bahamian first-time home-buyers may be exempted from Stamp Duty and VAT on the purchase of a dwelling house or vacant land purchased for a dwelling house that has a maximum value of $500,000.
All conveyances of commercial property are stamped at 2.5%, plus 7.5% VAT is payable irrespective as to the value of the commercial property.
Real Property Tax
Real Property Tax is payable on all real estate in The Bahamas, unless such land is specifically exempted from tax.  Real Property Tax is charged based upon the market value of the property and all improvements made to it.
The rates of Real Property Tax is tiered and are as follows:
Owner-Occupied Property:
The first $250,000 of market value is Exempt;
For $250,000 to $500,000 in value, the rate is 0.625%;
For $500,000 to $5,000,000, the rate is 1.0%; and
For the balance of the value exceeding $5,000,000, the rate is 0.25%.
(Note that there is currently a maximum annual tax cap of $50,000 p.a., and that there are also reduced rates available for Bahamian pensioners).
Vacant Property:
First $7,000 of market value is charged $100; and
The balance of the value exceeding $7,000 is charged at a rate of 1.5%.
All Other Improved Property / Commercial Property:
The first $500,000 in market value is charged at a rate of 1.0%; and
For the balance of the market value exceeding $500,000, the rate is 2.0%.

Property owned by Bahamians and situated in the Family Islands. 
Properties approved as commercial farm land (by the Minister of Agriculture and Marine Resources, and the Minister Finance) 
Unimproved property owned by Bahamians which has 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 or 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.

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