Panama Property Tax
Here in Lifestyle Properties Panama, we will help you to calculate your Annual Panama Property Tax.
Real estate in Panama, whether urban or rural, is subject to property taxes.
Panama Property Tax base depends on the total value of the land, plus all improvements, as appraised by Land Commission (Oficina de Catastro).
Properties with a registered value of $30,000 or lower do not pay property tax. For properties of a higher value, they pay as follows:
- 0% up to $30,00
- 1.75% from $30,000 to $50,000
- 1.95% from $50,000 to $75,000
- 2.1% over any property value above $75,000.
If you buy or build a residential property in Panama, you may be exempt from property tax for up to 20 years if the construction permit is issued by July 1, 2009, and the occupancy permit issued and improvements registered by Dec. 1, 2011. On houses or apartments where the construction permit is issued after July 1, 2009, the following exemptions will apply:
- Value up to $100,000: 15-year exemption
- Value from $100,000 to $250,000: 10-year exemption
- Value over $250,000: 5-year exemption.
The exemption is transferable during the exemption period to any new buyer. The land itself is not exempted, and would continue to incur property tax if its value is above $30,000.
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