Part of the reason there are huge properties in The Bahamas is because of the low carrying cost as you indicate. Coupled with disaster insurance, it may be that owning a Bahamian property for ones exclusive use will be a thing of the past. More AirBNB and smaller properties; among other changes.
As for taxing the wealthy; the Bahamas doesn't have enough of them to pay the bill so they need to tax everyone. Foreigners who reside in the Bahamas will not pay on their global assets so they don't count. You can tax their Bahamian assets but that's just property tax; see my last statement.
If The Bahamas wants to offer it's citizens G7 services, it needs to tax like the G7. My friends in Canada pay 48% income tax, then VAT, Gas tax, then liquor, restaurant, entertainment taxes.......

Most people don't mind paying that level of taxes IF they get the level of service that goes with it. If you pay that level and still have to deal with PMH then there would be issues.

There does need to be an increase in tax payments from the wealthy, however this letter writers rosy picture that if they left all will be well in this country is silly. Government needs to find the fine line where they are able to increase revenue but not going to far that people leave which would reduce taxes. Also a person earning more is likely to contribute more whilst at the same time take less from the Government (if a person earning $60,000 has their kids at private school and has medical insurance they will betaking a lot less then someone who has their kids at government school and relies on PHA for health)

Seems the entire Real Property Tax system needed to be scrapped and restarted wid international Appraisers to inspect every property. Plentiful stories with discreptancies on valuations, on expensive ones seems undervalued, some over valued, seems influenced by who they are, etc. Looking at over some 10,000 homes in subdivisions created by alternating govts. and populated by people leaving homes in older city needs to be examined for renters moving in which makes these homes commercial and RPT applied. RPT must apply to all these homes split up for rental efficiencies, garages converted etc unknown by RPT people owners not doing the Declaration of Real Property secret changes alternations, even those in shantytowns homes and businesses with extremely low cost rental situation enriching someone etcetc.. Apart from paying taxes, taxes, there should also be Tax Credits to lower RPT taxes for investors,, commercial developers to construct in certain areas for benefits the govt desires city planning growth for people ie low cost rentals units etcetc.

@ Bogart. Why do you think Tyler Technologies were contracted for? They were not hired to twiddle their thumbs. They were engaged in updating the Real Property department. Their contract was terminated by the Minnis government. The Minnis government had to re-engage them at a higher price when they realized how important what were doing.

What you have no clue what you are talking about .Tax reform has been on governments agenda since the Ingraham's administration in the nineties.

@bonefish.....above I said first before you ."..system needed to be scrapped and restarted wid international Appraisers..." ........and you saying Tyler Technologies ( as international) company let go and restarted . Sceeeeech. And yes these Tax reforms bin from downstairs Finco House and onwards to Nassau Court with challenges wid the 50k owner occupied exempltions massive paperwork and limited overworked staff.

IF the current taxes where collected properly and equitably and not squandered and stolen, there would be MORE THAN ENOUGH to run the Country. Public accountability would go a long way to achieving this elusive dream. The more they tax, the more they squander and steal. They (politicians and their civil servants), for the most part, are not interested in doing anything else......

WERE not WHERE!

This writer sounds like a broken record. The only new thing in this letter is his defense of the numbers people.

Why raise taxes again, it slows the economy. Cut government spending!