Since 01.01.2019 new tax rates on properties and new exemptions will take effect.
So, exemptions on the value for primary residences will increase from US§ 30.000 to US$ 120.000. That means that primary residences up to a value of US$ 120.000 will be tax free. Further thresholds are:

The Law establishes the following rates of the Property Tax for the Main Housing and the Tributary Family Patrimony:
0.0% to 120 thousand balboas
0.5% from 120.01 thousand balboas to 700 thousand balboas
0.7% from 700.01 thousand balboas onward

On the other hand, for commercial properties, industrial, second homes and other, the new Law stipulates the following rates:
0.0% up to 30 thousand balboas
0.6% from 30.01 thousand balboas to 250 thousand balboas
0.8% from 250.01 thousand balboas to 500 thousand balboas
1.0% from 500.01 thousand balboas onward

 

At the follow article you can read more about it, Have a look, HERE!

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