Residential Tax refers to the taxes imposed on residential properties, which are typically levied by local governments or municipalities. These taxes are calculated based on the assessed value of the property and are an essential source of revenue for funding local services such as schools, public safety, infrastructure maintenance, and community services. Residential tax rates can vary widely depending on geographic location, government policies, and specific local economic conditions. Homeowners are responsible for paying this tax annually or in installments, and failure to pay residential taxes can result in penalties or foreclosure on the property. Additionally, homeowners may be eligible for certain exemptions or deductions based on factors like age, income level, or disability, which can lower their overall tax liability. Understanding residential tax is crucial for property owners as it affects their financial planning and budgeting.
The tax system in Honduras, managed by the Servicio de Administración de Rentas (SAR), includes individual and corporate income taxes. Residents pay taxes on global income, whereas non-residents are taxed…