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Proposed Property Tax Adjustment in Panama

Proposed Property Tax Adjustment in Panama

By in Blog with 1 Comment

Reduce 50% of the market value fixed by the appraisers and reduce the property tax rate from 2.1% to 0.5%, are some of the points agreed to yesterday by more than 50 entrepreneurs and real estate professionals gathered at the headquarters of the Panamanian Association of Business Executives (APEDA).

Among the group were lawyers, academics, and former officials who discussed the increase in property evaluations and property taxes paid out by the Government in some areas of the capital.

Entrepreneurs also proposed increasing the tax exempt amount of $ 30,000.

Lawyer Jose Javier Rivera criticized the methodology implemented by the Ministry of Economy and Finance as it goes against the provisions of the Fiscal Code. “Any decision that affects an individual means they have a right to be notified personally,” said Rivera.

The communication that property owner’s taxes are increasing  is currently done through notices in print media of national circulation.

The topics discussed will be presented to the Executive through a statement analyzed and evaluated by business partners.

Among those present participated Jorge Pitalúa, former director of Cadastre, Fernando Aramburu Porras, president of the Apede; Aristides Hernandez, commission Apede macroeconomic environment, and the lawyers José Javier Rivera and Adolfo Linares.

About The Author

Kent Davis, founder and Managing Director at Panama Equity real estate, has been widely quoted in publications such as Wall Street Journal, Time Magazine, The Miami Herald and the Financial Times for his unabashed views on the Panama real estate market. Panama Equity is regarded as one of the most active real estate agencies in Panama and Kent’s articles, reports, and market research projects have been syndicated by press agencies including Bloomberg and the Associated Press.   Connect with the Author via: Email | LinkedIn | Facebook | Google+

1 Comment

  1. Dear Davis,
    I am in Australia (72 years old and living alone).
    Have been looking for a while to go to Panama.
    Where I live (Kingaroy Qld.) we have frost in winter and on the other hand very hot, but very little rain (drought). Not appealing any more. I like it warm, but not steamy. (but I think Panama is very steamy, so I am not sure…
    Thanks for your wonderful openess.
    Should I venture to come and visit. I may knock on your door.
    Kind Regards,
    Erika Chemnitz, Kingaroy Qld. Australia

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