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.
New Property Tax Bills 2016
2016-08-24