Revaluation of real estate properties postponed in Guatemala
The Municipality of Guatemala decided to temporarily suspend the notices of reappraisal sent to property owners in the city.
Tuesday, September 23, 2008
Four months ago, the City started the first phase of the reassessment of real estate properties in zones 4, 9, 10, 13 and 14 because it believes that the properties in these areas are undervalued; zones 15 and 16 were to be completed in the second phase. However, residents from the affect areas challenged the Property Registry Department, because they say that the new appraisals exceed the real value of the properties, in some cases by as much as three times.
The Ministry of Finance has initiated a cadastral revaluation of properties that have never updated their value.
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%.
An article has been removed from the Law on Public Decentralization which granted municipalities the freedom to set and collect fees on property appraisals.
The measure will only be suspended in the capital until they manage to redefine the revaluation process, and will still be in effect at the beaches.
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