Notification Requirement Real Estate
On January 1, 2024, the ”Belastingplan BES 2024” took effect. This contains several new tax rules for Bonaire, Saba, and St. Eustatius. One of the measures is that you must notify the Tax Office if you purchased a residential or commercial property. This requirement ensures that anyone who owns real estate and should receive an assessment will actually be issued with a real estate tax assessment. If you do not file a notification then you run the risk of a fine.
When to file a notification?
The notification requirement real estate has been implemented for three situations:
- For those who at any time (from January 1, 2024) acquire the enjoyment of real estate by virtue of ownership, possession or any other limited right. Example: you purchased a home or business premises on January 1, 2024.
- For those who at any time have the enjoyment of real estate by virtue of ownership, possession or any other right in rem and in respect of the said real estate (from January 1, 2024) changes have occurred by construction, conversion, improvement, demolition or destruction. For example, you had a conversion done or had a swimming pool built (increase in value). Or the property has partly been demolished (decrease in value).
- For those who (from January 1, 2024) have the enjoyment by virtue of ownership, possession or a limited right at the beginning of a calendar year and have not received a real estate tax assessment within one year from the end of that calendar year.
Within what period do you need to file a notification?
The period within which the notification must be filed varies. For the first two situations mentioned above, the period is four months after the acquisition of the enjoyment of the real estate respectively four months after a change in the real estate has occurred.
Those who, at the beginning of a calendar year, have the enjoyment by virtue of ownership, possession or a limited right, and have not received an assessment within one year from the end of that calendar year (third situation), shall file a notification within four months from the end of that year.
Who needs to file the notification?
Anyone who purchased a property from January 1, 2024, who made a change to their property or who have not received a real estate tax assessment from January 1, 2024 and who owe real estate tax for that year.
If several persons or bodies have the enjoyment of real estate by virtue of ownership, possession or a limited right, one of them should file a notification on behalf of all those persons or bodies.
How can you file a notification?
Go to the website of the Tax Office, click on the link, and open the Notification Form Real Estate Tax. You complete the form and submit it. You then receive a confirmation email.
Fine
It is important to file a notification in a timely manner. If you do not file your notification in a timely manner, or if the assessment is not issued or is issued at an understated amount, then a fine may be imposed. The fine can amount to up to 100 per cent of the amount of the assessment you receive.
Questions?
Do you have questions about the Notification Requirement Real Estate? Then you can send an email to the Tax Office, balie@belastingdienst-cn.com.