Real Estate Tax Reporting Obligation in 2024

Anyone who owns real estate, be it a plot of land, house, apartment, or commercial property on Bonaire, needs to stay informed about the recent changes in real estate tax regulations. It's crucial. Starting January 1st 2024, stricter reporting requirements will come into effect, potentially impacting your finances.

1. What You Need to Know:

Reporting Obligations on Acquisition, Changes, and Absence of Assessment:

1. If you become a property owner, you must inform the inspector within four months. Similarly, any changes must be reported within the same timeframe.
2. If you hold property at the beginning of a year but haven't received an assessment within a year after that, you must report within four months after that year.
   
   

Reporting for Multiple Owners:

In cases where multiple individuals or entities enjoy ownership of the property, one of them can make the report on behalf of everyone.

Required Information:

1. Owners' details
2. Commencement of ownership (date acquired)
3. Type of ownership rights (owner)
4. Property address
5. An estimation of its value or any alterations in value.

Penalties for Non-Compliance:

Failing to report on time or at all, leading to an inaccurate assessment, could result in a penalty of up to 100 percent of the tax amount.

2. What Does This Mean for You?

These new rules are significant if you're a property owner. Neglecting reporting can lead to substantial financial penalties and delays in assessing your taxes, potentially causing unexpected financial strains.

If you have further inquiries, feel free to reach out to one of our advisors. Contact us today or choose your trusted advisor within our team.

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