The high season is one of the best times for residents. There are plenty of tourists and snowbirds spending money, so financially it is a good moment for everyone. However, it is easy to go crazy with expenses during the holidays, and be broke for the beginning of the next year. So, it is important to keep your expenses low and try to use this money wisely, and what better way to use the extra cash than paying your property tax?
The property tax in Mexico (predial), is a tax paid to the county’s government, for the right to own real estate property. This payment is made once a year and it is based on the value of your property. The payment must be made during the first two months of the year. It is important to pay on time to avoid late fees; although some municipalities offer discounts on fines a few times a year.
Solidaridad is one of the municipalities that offers special early bird discounts for the landowners that pay the predial in advance. In addition to this benefit, the government has a lower rate for retirees, pensioners and people over 60 years of age.
Paying your property is easier than you think, in general you only need to present the payment receipt of the previous year, or know your property registry number. If you are not sure where to find this information, normally it is placed with your property deed.
The property tax can be paid as of December 1, 2017; the discounts that apply are the following:
December 20%
January 15%
February 10%
The discounts do not apply to the payment of taxes of previous years, and discounts will not be made on surcharges for late payment. Paying your property taxes on time is a good way to use your money, so do not wait any longer and take advantage of these great discounts!
To learn about the Capital Gains Tax, download our free guide about this subject here: https://topmre.com/cgainstax
