Thank goodness for real estate property exemptions here in Panama. If you are considering buying a property here, the issue can cause a lot of confusion and delays in closing. While not an expert, I have had one in the past that I sold with the property and I have a new one on a property that I built last year so let me know if you have any questions.
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 Chamber of Commerce Industry and Agriculture of Panama has expressed its opposition to Article 113 of the Bill of Public Decentralization, which stated that “… the municipality has the power to fix and collect fees on the contribution of valuation or revaluation of land , common land or immovable property located in the geographical area of ??the district. “
Prensa.com reports that “… Deputy Economy Minister Ivan Zarak, agreed to the elimination of the article. He explained that what is sought in this bill is to give municipalities the ability to manage the resources they receive from 2016 ($500,000 for each municipality) and not the ability to establish what the rate of property tax is, which it is fixed in the Tax Code and is not subject to discussion right now. ”
He added that “… ‘They are not changing property rates, tax, rates and exemptions remain unchanged. All that is being removed from the Tax Code is the subject of reevalutions. There can no longer be any concern about that. ‘”
“While not an expert, I have had one in the past that I sold with the property and I have a new one on a property that I built last year…”
What? You had one what in the past? And what new one do you have now? Please clarify.