Aerial view of a residential area with numerous single-family homes and streets surrounded by trees.

What does the property tax return actually do?

Property tax reform ahoy: The burden of submitting a property tax assessment declaration by January 2023 at the latest has been lifted for many of us. Nevertheless, the question remains as to what lies ahead. And what consequences actually face property owners who knowingly defied this order?

Three cheers for property tax reform: All federal citizens who owned property in their name on January 1, 2022, had no choice but to address this issue. The simple reason: the values used up to now were based on data from 1964 in West Germany and 1935 in East Germany. In a ruling in April 2018, the highest court decided that the basic data was no longer up to date and also led to unequal treatment of taxpayers. A reform was needed.

Property tax rates will not be set until January 2025

Now it's a case of waiting and hoping. With 36 million properties in Germany, the authorities need a little lead time: property owners will not find out the amount of the new property tax until January 2025. In the run-up to this, the so-called property tax value or property tax equivalent amount and the property tax assessment amount will be communicated. Here, caution is advised. These figures should be checked as soon as they are received. If there are any errors in the data, it is essential to lodge an objection. You only have one month to do this. If you need advice on this matter, a real estate agent you trust will be happy to help you.

The letter with the official property tax assessment will arrive at a significantly later date. If you only lodge an appeal then, however, the chances of turning the decision in your favor are slim. The die will already have been cast.

Another reminder letter for those who are slow on the uptake

All property owners who have not yet fulfilled their obligation to submit a declaration will receive a reminder letter. This should arrive in the mailboxes of all sleepyheads or stubborn refusers by the end of March or April. The state is trying once again to take the nice approach: the letter contains your tax number and a deadline of one month.

On the other hand, property owners should not despair: after all, this revenue ensures that cities and municipalities can maintain their local infrastructure: roads, schools, playgrounds, and hospitals are built and maintained with this money. Not a bad thing, really.

Understandably, some property owners fear that they will not be able to afford the future property tax costs. Older people with large properties in good locations in particular are seeing their fortunes slip away. That's understandable. After all, living and energy costs have risen significantly, and who knows how high property taxes will be after the recalculation? The future is uncertain. Nevertheless, a functioning infrastructure is a good thing. When you consider this point of view, as a property owner you are contributing to improving local conditions. And making your own environment more livable is a goal that everyone can identify with.

Do you have any questions about property tax reform or do you need assistance with selling your property or finding a suitable home? Feel free to contact us!

Notes:

For reasons of readability, the generic masculine form is used in this text. Female and other gender identities are expressly included where necessary for the meaning of the text.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.

Photo: © OlegDoroshenko/despositphotos.com

Online valuation tools provide good guidelines for a property. A professional local real estate agent also knows the local characteristics that influence value. If you want accuracy, go to a professional local real estate agent.

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What does the property tax return actually do?

Property tax rates will not be set until January 2025

Another reminder letter for those who are slow on the uptake

Notes:

Are you looking for a new home? Get in touch with us!

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