Loss of rent revenue resulting from vacancies reduces the return on any real estate investment. Especially in times of COVID 19 such vacancies are a possible scenario. In addition to the already painful rent losses, operating costs that could otherwise be recharged to the tenant must be borne in full by the asset owner. Additionally, due to permanently increasing tax-rates, real-estate tax is developing to a significant cost-factor for both, tenants and property owners, here particularly in case of vacancies. Real estate lessors whose property is vacant for a longer period can reclaim a part of their paid real-estate tax.
This article is to illustrate the application procedure and to remind property owners of the filing-deadline 31st March.