The Surprising Consequences of Land Ownership: Unusable Land and Inheritance Tax Issues

2023-10-04 09:47:13

The plan drawn up by Limburg residents in the 1990s seemed foolproof. To oppose the construction of the North-South link, which was to ensure more fluid mobility in the region to the detriment of tranquility and even nature, 450 local residents united in a committee and purchased two plots of land placed on the route of the connection. They then divided it into hundreds of small pieces which they resold to as many people, as Het Belang van Limburg explains.

Having become co-owners, the hundred activists thought they would complicate the task of the government, which would have difficulty finding and expropriating all the owners. The plan obviously did not work since the Belgian state acquired the land necessary for its connection.

of videos

Bad surprise

If the rejected activists lost sight of each other following their defeat, they might today find themselves despite themselves. Because one of them realized that he is still the owner. “I bought a few plots at the time. I thought that the land was expropriated collectively but I was never compensated for that (…) But following a death in the family, we learned that we are co-owners ‘in joint ownership’ (a situation in which several people are owners together of the same property, editor’s note) and therefore subject to inheritance tax…”, explains one of them to our Flemish colleagues.

In reality, many wrongly believed they had been expropriated. Today, these people find themselves with a small piece of land with which they cannot do anything since it is “in joint ownership”. “Most of them don’t even know that they are still owners, and if they are, they don’t know which plot it is,” explains the former owner of the Limburg Environmental Dome. Except that one day you will have to pay inheritance tax. “The government will knock on the doors of their children if they inherit the land. Then it will be the turn of the grandchildren, great-grandchildren, etc. » Which makes sense.

These inheritance taxes should not be high since it is a small plot in a pasture. But it still bothers people who find themselves with unusable land. “They can sell or give the land in its entirety but it is not easy. As with all transactions, a buyer or donee must first be found, and then all parties must agree. »

1696417252
#Today #death #learn #coowners #joint #ownership #subject #inheritance #tax

Leave a Replay