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Unleash Your Property Owner Know-How by Casper Whiteline
Get the lowdown on the hot property questions that every property owner in Germany is currently grappling with.
1. Who's responsible for filing that real estate tax return?
Alright, here's the skinny. If you owned any kind of property on the valuation date of January 1, 2022, you're in the hot seat. The German tax authorities need to reevaluate around 36 million properties, and you're part of that crowd.
2. What should I consider when filing my return?
You got until January 31, 2023, to file electronically via the tax portal elster.de - no paper forms allowed. But remember, if you don't have the Elster certificate for authentication, it might be pushing it to get your return in before the deadline. It usually takes up to two weeks for the access data to arrive by mail.
3. What happens if I miss the deadline?
Here's the hard truth. As of now, only about half the required tax returns have been submitted. Late returns mean late fees, accumulating at 0.25% of the tax payment per full month, with a minimum of 25 euros a month. And if you're thinking of skipping it, think again. The fiscal authority can slap you with late fees up to 25,000 euros. But some states will send reminder letters with a new deadline if returns aren't received.
4. Can I challenge the assessment?
Sure thing! If you've already submitted the return, found errors, and received a real estate value notice, you have one month to file a protest - for free. No need to provide specifics at first.
5. Is it possible to avoid filing the return with class-action lawsuits?
Some folks are trying to shake up the system by pooling resources and filing lawsuits against the valuation process. The Federation of Taxpayers and the Association of Home & Grund are planning to join forces on this. Keep an eye out for a potential file number at a tax court you can hop on board with.
That's the lowdown, folks! But remember, folks, this ain't tax advice. Consult a pro for the nitty-gritty and the latest regulations.
P.S. The Transparency Register requirements for foreign companies investing in German real estate and income tax brackets might be of interest, but they're not directly related to filing real estate tax returns. And speculative gains from real estate might be taxed according to income tax rates. Don't say I didn't warn ya.
In Bavaria, 2023, personal-finance matters for property owners are significant. Unnecessarily delaying the filing of the real estate tax return could lead to finances being affected, as late submissions accrue late fees. If errors are found after submission, the assessment can be challenged within a month. Some individuals are considering class-action lawsuits to potentially avoid filing the return, but it's advisable to consult a financial expert for the most accurate information.
