St. Maarten Realtors and Tax Department target information to condo owners

POSTED: 01/17/12 12:33 PM

St. Maarten – The Real Estate Association of St. Maarten (RAM) and the Tax Department have agreed to work together to inform condo owners of their specific tax obligations. There is no legal requirement for condo owners to pay property tax, but the law does require them to pay taxes on rental income.
The agreement to promote the stipulation was made at a meeting on January 13 that was called because of a “recent wave of summons and assessments” being sent to condo owners. Things are seemingly unclear and the department is working on simplifying the process.

RAM’s president Arun Jagtiani believes the assessments may have been sent based on a misconception that condo owners are making huge profits from renting out their units. The reality he puts forward is one where retired or semi-retired people don’t event rent out their condos or what money they earn is used to offset costs.
“I’m sure there are some condo owners who are turning a profit, and in this case they need to pay their fair share in the form of profit tax. But I don’t think it’s a case of them not wanting to pay, rather it’s more a case of them not knowing what their obligations are. Rather then interrogating this group that is so important to our island lets first try to correctly inform them as to what their obligations are,” Jagtiani stated in a release.

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