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Project of Law about new property tax rates


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Project of Law about new property tax rates:
 
Hi everyone,
A good number of our clients has been asking us about the new property tax rates.
As many of you may already know, the Panamanian Goverment is working on a law that will provide an important property tax reduction. 
At the moment is called Project of Law 509, and it is in the last stage of approval, it has already passed the third approval at the National Assembly, it will become a law when it be finally published at the Public Gazette.
 
According to the project, there will be two rates both being beneficial  for the property owners. 
 
The authomatic one is a reduction of the current rates of taxes and there will be other for the principal house of the client which the client should request. 
 
Properties that are tax exempted will mantain the exemption and after it expires client will receive the benefits of the new reduced tax rate and the option to declare the house as his principal one, to access to an even better rate of taxes. 
 
Also, this project of law is including a "MORATORIA" up to december 2017, to eliminate fines and late charges of property taxes.
 
Our office can help you to:
-Evaluate if your property tax situation.
- determine if it will be necesssary or not to request the extra benefits of the principal house. 
- Review and payment of property taxes.
- Request of moratoria ( elimination of fines and charges for properties with debts).
- Obtaining a online access for review of property taxes.
- Update of the property value and owner information at the tax office.
- Obtaining good standing. 
-  Projection of closing cost and fees in case that you want to sell or buy a property.
 
Do not hesitate to contact us at Miranda & Contreras if you need assistance as we are following the progress of this law. Once the law is approved we will share with the community the information and the property tax rates. 

 

Attorney Lourdes Miranda: miranda@lawandrealty.net

Attorney Juan Contreras: contreras@lawandrealty.net

 

 
Un cordial saludo,  /  Best regards,
 
Juan Gabriel Contreras Sánchez
Attorney at Law and Licenced Realtor / Abogado y Corredor de Bienes Raíces.

Boquete: Don Vidal Building, second floor, Office #1, Boquete, Chiriquí, Panamá. 
Panama: Trump Ocean Club, second floor, office wing, Punta Pacifica.
Tel: (507) 730-9113; Cel: (507) 6611-9678
Skype: contreraslawyer; 
www.lawandrealty.net
 
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