Panama: Official Appraisals Eliminated

The Assembly has approved a law granting administrative autonomy to municipalities and has eliminated appraisals of properties declared as official, as established by Law 8 of 2010.

Wednesday, October 21, 2015 reports that "... The document approved amends Article 770 of the Tax Code, so that once the project is sanctioned, the general and partial assessments are made in compliance with the requirements established by the National Directorate of Cadastral Information and Valuation by the National Authority of Land Management (Anati ), provided that they meet a schedule properly structured in accordance with the procedures established by the standard. "

Under current legislation so far, general and partial appraisals officially decreed by the Cadastre and Patriotic Property Department of the Ministry of Economy and Finance are made ​​in the order established by the Directorate.

With the new legislation, "... the municipalities will receive a minimum amount of $500,000, which will be reviewed every three years and this value can be increased but not decreased from the last revised value."

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