NASSAU, BAHAMAS — The Department of Inland Revenue's top official yesterday revealed that the Department, as of February, had collected just under 50 percent of its projected $195 million in real property tax revenue target for this fiscal period.

Acting Controller Shunda Strahcan, while speaking at a press briefing at the Office of the Prime Minister, noted that the DIR is projected to collect just over $195 million. She emphasized that as of February, just over $95 million has been collected.

"We expect we will make that target," said Strachan, who noted that there are 122,158 properties on the tax register.

"The good news is that out of those 122,158 properties, 75,912 property owners have a zero balance," she further noted. According to Strachan, more than half of the properties on the register do not receive a tax bill, as they are exempted for one reason or another. Furthermore, Strachan mentioned that total real property tax arrears amount to approximately $900 million.

A breakdown of real property tax arrears reveals that there are 42,492 accounts with real property tax arrears of more than $500, 38,000 have arrears of more than $1,000, 19,000  have arrears of more than $5,000, 12,000 have arrears of more than $10,000, and 7,884 have arrears over $20,000.

Last week, the department issued a notice of the power of sale on 108 accounts, with 77 of those classified as vacant land and 41 classified as commercial properties. Strachan warned that once properties reach the power of sale stage, taxes could increase up to as much as 37 percent. The DIR has now engaged more than 16 private collectors, according to Strachan.

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