New Property Tax Bills 2016

The property tax assessment values are reset every 5 years and 2016 is the reset year for the whole island. The Bonaire Property tax is due annually and is 0.805% Vastgoedbelasting for vacation or rental homes with a $70,000 tax free base and 0.345% Grondbelasting for principal residences. In general, the value is fixed for the next 5 years. Most properties will have a 2016 assessed value based on a decrease of 4.5% from whatever the value was for 2011-2015. This is said to reflect the overall change in value of property on the island during the last 5 years.

But if you receive an assessment notice and it is significantly more than a recent purchase price, you need to file an objection within 2 months of the date of the assessment notice. For example, if a property you bought in 2015 for $500,000 was assessed at $750,000 in the 2011-2015 cycle, it will be assessed at $716,250 for 2016. If you don't object you will be liable for more tax than you need to pay for the next 5 years.

Keep an eye out for that notice! They started mailing out VGB notices in July. GB notices will follow shortly. Contact us if you have any questions.