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

Prensa.com 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."

More on this topic

Real Estate Registration Procedures Simplified

June 2019

Since June 3, in Guatemala, the purchase and sale of properties will require a single process to obtain certification of property and cadastral appraisals.

Before this change was implemented, it was necessary to compile separately the certifications of the value at which the real estate was registered in the Municipality, the fiscal value of Dirección de Catastro y Avalúo de Bienes Inmuebles (DICABI) or the value declared in the deed of Purchase-Sale or what was agreed upon by buyer and seller.

Request to Simplify Property Tax

September 2014

The private sector has requested that the debate on the bill to reform the tax code be suspended and changes made to the way property values are updated and the tax on them is calculated.

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:

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.

El Salvador: Tax on Unused Properties Proposed

May 2014

A bill aims to tax properties of any value that either do or do not have constructions on them, and which do not have a specific use anywhere in the country, declaring them "luxury goods".

The proposed law states that "... property for recreation, leisure or rest, with or without construction or under construction, regardless of its value or location , such as houses, lots, plots, villas located in beaches, lakes, mountains or the city ... "will be taxed at 1% on the assessed value established for the property.

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