Title: Comprehensive Guide to Guam Property Evaluation Checklist: Types and Must-Have Information Introduction: When it comes to evaluating properties in Guam, it is crucial for potential buyers or investors to obtain specific information to make informed decisions. A well-structured checklist can help streamline the evaluation process, ensuring that no essential details are overlooked. This article explores the various types of Guam property evaluation checklists and highlights the must-have information to consider when assessing properties in Guam. 1. Residential Property Evaluation Checklist: For prospective homeowners or real estate investors interested in residential properties in Guam, the checklist should include essential information such as: — Property location: Identify the village, neighborhood, and proximity to amenities, schools, hospitals, and public transportation. — Property type: Determine if it is a single-family home, townhouse, condo, or other residential property. — Property size: Note the square footage or number of bedrooms/bathrooms. — Condition assessment: Evaluate the property's overall condition, including its foundation, exterior, interior, and major systems (plumbing, electrical, HVAC). — Safety considerations: Make sure the property adheres to safety regulations, such as fire safety, earthquake resistance, and appropriate ventilation. 2. Commercial Property Evaluation Checklist: For those interested in commercial properties in Guam, consider adding the following parameters to the checklist: — Property location: Assess the property's proximity to business districts, transportation hubs, and target customer base. — Zoning regulations: Verify that the property is zoned for the intended commercial use (e.g., office, retail, industrial). — Infrastructure and amenities: Evaluate the availability of utilities, parking facilities, and accessibility for employees and customers. — Potential remodeling or expansion: Determine if the property possesses the potential for expansion or renovations to match specific business needs. — Environmental considerations: Identify any environmental factors affecting the property, such as hazardous materials or noise pollution. 3. Investment Property Evaluation Checklist: For investors eyeing rental properties or those looking to generate income from real estate investments in Guam, consider the following checklist items: — Rental market analysis: Research the current rental demand and rates in the target area. — Cash flow analysis: Evaluate potential income and expenses, including mortgage payments, property management fees, maintenance costs, and vacancies. — Tenant demand and retention: Analyze the attractiveness of the property to potential tenants and consider factors that can contribute to tenant retention. — Long-term appreciation potential: Review historical market data, economic indicators, and projected growth to understand the property's expected appreciation over time. — Legal considerations: Take into account the local laws, regulations, and procedures related to rental property ownership, such as landlord-tenant laws and tax implications. Conclusion: When evaluating properties in Guam, having a comprehensive checklist is essential to ensure a thorough assessment. Different types of checklists cater to specific property types, such as residential, commercial, or investment properties. By considering the checklist's vital information, buyers or investors can make well-informed decisions, reducing the chances of overlooking crucial factors in their property evaluation process in Guam.
Guam Checklist of Information to Obtain For Producing Properties Evaluation
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The income tax is the major tax in Guam, providing 60 percent of its locally collected tax revenues. These revenues are supplemented by the transfer from the Federal treasury to the Guam treasury of Federal income taxes withheld from U.S. military and civilian personnel stationed in Guam.
Guam Sworn Annual Report Fee: $100 Your first annual report is due between July 1st and September 1st during the year following the calendar year in which your LLC was formed. Subsequent reports are due between July 1st and September 1st annually.
Refunds continue to be paid weekly. Due to the surge in the volume of returns filed daily ahead of the filing deadline of April 18, 2023, for Tax Year 2022, turnaround time will continue to fluctuate between 3 weeks to just over 6 weeks.
Coupled with the lowest effective tax rate of 0.17%, Guam collects far less in real property taxes in comparison with the 50 states and the District of Columbia. ing to the Tax Foundation, property taxes were the largest source of state and local tax collections in the United States, comprising 31.3%.
Dafne Shimizu - Director - Guam Department of Revenue and Taxation | LinkedIn.
Refunds continue to be paid weekly except for the setback of one week caused by Typhoon Mawar. Due to the surge in the volume of returns filed for Tax Year 2022 through the deadline of April 18, 2023, and the setback caused by Typhoon Mawar on March 24, 2023, turnaround time now fluctuates between 3 to 8 WEEKS.
Contact Information: Website: Phone Number: 671-635-1778. Email Address: legal@revtax.guam.gov. Office Address: 1240 Army Drive Barrigada GU USA 96921.