Lower Real Estate Taxes Proposed in Panama

The Industry Chamber proposed lowering the tax from 2.1% to 0.5%.

Wednesday, September 2, 2009

Nowadays Panama has the highest rate in Latin America, said Chamber president Adolfo Linares. As an example, he commented that Colombia has a 0.75% tax, Guatemala 0.56% and Mexico 0.5%.

Luis Cucalón, from the Economy Ministry, said that "all the proposals will be analyzed by a commission headed by MEF, and all viable propositions will be taken into consideration".

More on this topic

Panama: Request to Modify Cadastral Revaluations

September 2014

A proposal has been made to change the tax exemption bracket from over $30,000 to $120,000 and for the rate for amounts above that figure to be set at 0.25%.

Although the process of cadastral appreciation in the capital city was suspended in November 2013, the private sector claims that the rule remains in effect and proposes amending it in order to minimize the impact of appraisals in the payment of property tax.

Property Tax’s Impact on Livestock Sector

May 2012

Farmers in Costa Rica argue that changing the property tax to one based on a sliding scale would be confiscatory.

A statement from the Legislature reads:

Representatives of national farmers argue that changing the property tax to a system based on a sliding scale, would be confiscatory for many of them.

Panama To Invite Bids for Real Estate Appraising

June 2010

The government will put out to tender a contract for appraising real estate in Punta Paitilla.

In order to update its real estate registry, the Ministry of Economy will hire companies to perform a massive number of appraisals in the metropolitan area. Some 12.000 lots will be evaluated.

Panama: Incentives for Updating Property Value

July 2009

Property tax would decrease from 2% to 1% for those who willingly update the value of their properties in the civil registry.

With these modifications to property taxes, the government of Panama is looking for taxpayers to update the value of their lots and properties, in order to increase collection. With the modifications, an estimated $250 million could be collected, up from the $80 million being collected now.

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