The Bahamas Government has announced a new property tax amnesty program to encourage taxpayers to join the property tax registry and settle any outstanding tax arrears.

Under the terms of the program, owners of residential or commercial property valued at over BHD250,000 (USD250,000) and with tax arrears dating back no more than three years must make a declaration and full payment by June 30, 2013 to benefit from a 50% waiver of the total tax due and the total surcharge payable. Residential or commercial property owners with tax arrears dating back more than three years must make a declaration and full payment by December 31, 2013 to benefit from a full waiver of surcharges.

The Bahamas Government will also offer a 5% rebate of annual real property taxes to faithful taxpayers who remain current on payments over the next three years.