Thursday, April 16, 2020

Bahamas Real Estate Proposal 01

Bahamas Real Estate Proposal 01

Or, John Christie and COVID 19 made me do it.

I have been thinking about this idea and talking about it from time to time with friends for many years now. But, I can't recall ever documenting it in public before. You can put this down to professional crastination at the highest levels if you like.

I finally wrote this as a reply to a comment by John Christie on Facebook. I thought I would put it here to make it easier to find in the future and to finally document the idea...

John Christie - one idea I have had to reduce what I see as some of the negative impacts of the high tax on transfer of property is to bring time into the equation.
For example: 
Property sells today for the first time in 60 years. Regular rate is paid. Sells again within 2 years, 100% discount on regular rate. Sells within 2 to 50 years use this equation: 
regular rate X (year/50) 
Sells after 50 years: regular rate 
I think I have the maths correct there. (This is not considering your proposal, special adjustment as needed to incorporate that idea. 
Positive benefit. Allows people with the skills to buy, renovate, and flip. Without having to play games or raise the price enough to cover such a high tax twice in a short time. I have felt for years that this would be a good thing for our market.


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