What is 'property taxes and fees' in SAP RE - Real Estate Management?

property taxes and fees - Overview

• Component: RE

• Component Name: Real Estate Management

• Description: Obligatory payments to the government public real estate charges that are based on public law. These charges result from acts of law such as the town and country planning code German BauGB, local tax acts, and chimney sweep act. Property taxes and fees are paid by recurring payments and require personal liability of the debtor as well as physical liability of the real estate.

property taxes and fees - Details

• 
  Key Concepts: 
  Property taxes and fees are taxes and fees that are levied on real estate properties. These taxes and fees are collected by the local government and used to fund public services such as schools, roads, and public safety. In SAP Real Estate Management (RE), property taxes and fees are managed in the system to ensure accurate tracking of payments and compliance with local regulations. 
  
  How to use it: 
  In SAP RE, property taxes and fees can be managed in the system by setting up a tax code for each type of tax or fee. This tax code is then assigned to the relevant real estate object in the system. The system will then calculate the amount of tax or fee due based on the tax code and other relevant information such as the size of the property or its location. 
  
  Tips & Tricks: 
  When setting up a tax code for property taxes and fees, it is important to ensure that all relevant information is included in the setup. This includes the rate of tax or fee, any exemptions or discounts that may apply, and any other relevant information. This will ensure that the system calculates the correct amount of tax or fee due for each real estate object. 
  
  Related Information: 
  For more information on how to manage property taxes and fees in SAP