PwC Dutch Caribbean News
Appreciation exemption in the Real Estate Tax
25-05-2015

The real estate tax or property tax is levied on the value of real estate. There are several general exemptions such as for the primary resident of an owner who is a resident of the BES. If one of these exemptions apply, you do not have to pay property tax on the value of your property. If no general exemption applies it may be possible that the time-limited appreciation exemption applies.
The appreciation exemption may apply if
 your property has increased in value as the result of construction activities, e.g. when a new building has been built or an existing building has been remodeled or improved or an extension has been added. The exemption applies for up to ten years (for construction in the year 2013 only five years).
However, to be allowed to apply this exemption, you need to report the construction timely to the tax inspector. To do so you can obtain a form from the tax inspector. The tax inspector will then issue a decree stating the exempted value. If you do not agree you can file a notice of objection and, if necessary, file an appeal.
For more information with regard to how to apply for the exemption, we invite you to read our newsflash in English or in Dutch.

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