The Delay in Property Valuations: What Homeowners Need to Know
Homeowners eagerly awaiting their final 2020 property valuations before the year’s end will have to exercise extra patience. According to a press release from the Valuation Agency, owners of between 80,000 and 150,000 properties will not receive their declaration notice until early next year. Subsequently, it will take approximately five weeks from the notice for homeowners to receive their final property valuation if they have no objections.
The new property valuations have once again been delayed, with the goal initially being to provide all homeowners with a 2020 property valuation before the end of the year.
“The new property valuations have been delayed time and time again because the task has fundamentally been underestimated.”
Jakob Ussing, business correspondent, DR
DR’s business correspondent, Jakob Ussing, describes the delay in valuations as “serious,” emphasizing their importance in establishing the new valuation and property tax system. Ussing states, “These property valuations are crucial to getting the entire new assessment and property tax system up and running.”
Half a Million Valuations Still Outstanding
Thus far, 1.2 million final 2020 valuations out of 1.7 million have been issued. These valuations determine what homeowners will pay in property tax from 2021 to 2023. Additionally, the 2020 valuations will determine whether homeowners are owed refunds for overpaid taxes, potentially dating back to 2011.
However, the continued delays in valuations will have further implications, as explained by Jakob Ussing. He notes, “Currently, property taxes in Denmark are being levied based on much-criticized preliminary valuations. These have been adjusted continuously as the correct valuations are released. But when the correct valuations are delayed once again, it also delays the correction of the inaccurate preliminary valuations.”
“Jakob Ussing explains how the new delay impacts Danish homeowners:”
What Does the Delay Mean for Homeowners?
- Homeowners will have to wait until early next year to receive their final 2020 property valuations.
- The delay could result in further discrepancies in property taxes due to continued reliance on preliminary valuations.
- Refunds for overpaid taxes may also be delayed as a result of the valuation delays.
In conclusion, the ongoing delays in property valuations have significant implications for Danish homeowners, affecting their property taxes and potential refunds. It is crucial for the Valuation Agency to address these delays promptly to ensure a fair and accurate assessment of property values.