Rachel Pinder, with Island Living Real Estate in Nassau, Bahamas, explains the benefits of the new tax exemption for the home buyers.
December 01, 2008 (PRLEAP.COM) Business NewsDecember 1, 2008 - NASSAU, BAHAMAS- The Nassau Real Estate Company, Island Living Real Estate believes there is good news for buyers and current owners of owner-occupied property valued at less than $500,000, based on a document recently released by the Free National Movement government.
First-time homeowners will benefit from an increase in the ceiling for exemption from real property taxes, from $250,000 to $500,000, for the first five years," Prime Minister and Minister of Finance the Rt. Hon. Hubert Ingraham announced during the government's 2008/2009 budget communication delivered to parliament on May 28.
Rachel Pinder who is a professional Bahamas Realtor and is the principle broker of Island Living Real Estate in Nassau, Bahamas, called this "good news for the economy and new home buyers."
This new exemption will serve as an incentive to attract home buyers, Pinder who is a Nassau Realtor said.
People who purchase residential-zoned vacant lots and build a home in which they plan to occupy rather than rent out, those who purchase a newly constructed home, and people who purchase homes in need of restoration before occupying them also will be able to take advantage of the property tax exemption, the FNM said.
The government also has extended the benefit to homeowners who transfer a home mortgage from one financial institution to another, and in situations where "the applicant seeks to consolidate debts by mortgaging a dwelling home up to a value of $500,000," the FNM said.
"These changes make it absolutely the perfect time to buy a piece of Bahamas real estate," Pinder said. "If you have not been able to afford a property, these new incentives may be just what you need to make the dream of living on these beautiful islands a reality."
For additional information about purchasing a home in the Bahamas, please call them for a consultation: 1-242-322-7979/80.
About Island Living Real Estate
Island Living Real Estate has more than 25 years of experience in real estate sales and rentals throughout the Bahamas. Island Living's main office is located in one of Nassau's oldest historic buildings on Bay Street, named "Red Roofs." Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.
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