Property Tax In Colombia
The property tax is a fee charge to the Real Estates located in Colombian territory base on the existence of the property and is yearly charge to the owners, possessors or usufructuaries (beneficial owners) base on the value of the property.
If you accomplish any of the following characteristics you need to pay property Tax:
Owner: Person or Company who is legally landlord of a property.
Possessor: Person who does not has documents from the property but leaves on it and acts as owner.
Usufructuary: Person who can enjoy and use the property thanks to owner legal permission.
Owner and usufructuary conditions can be shown with “Certificado de Libertad y Tradición” which is a reassume document of the property where you can find all its characteristics, size, location, if it has or had have any mortgage or foreclosure, who has been the owner and who is the actual owner or usufructuary.
As was mentioned before, the property tax is charge according to the value of the real estate; this value is given as a result of huge National Real Estate studies.
Which kinds of properties pay tax?
Plots, apartments, houses, buildings, parking lots, financial buildings, commercial offices, storages, fabrics and rural lands use for agriculture.
Is important to know that property tax is charge by the Mayoralty of the Municipality where the real estate is located and the payment has to be done to the same entity. For example if you live in Bogotá but own a house in Medellin, the property tax of the house will be charge by the Mayoralty of Medellín and you will need to make the payment to this entity.
If you own a property, LARM can help you to solve doubts and give you more details of property tax payment process.
At LARM Colombia we have a professional and expert team that is ready to guide and advise you with taxes in Colombia. If you require more information, you can contact us here.
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