▶️In Panama we have very low property taxes and that is one of the reasons why investors are attracted to its Real Estate Market.
Today I want to explain this in a very simple way and talk specifically about the type of properties in which I specialize. I am specialized in buildings with luxury finishes located in the most exclusive areas of the city.
For these particular buildings, the property tax is broken down between the value of the land plus the value of the improvements (the building itself).
➡️ The vast majority of these buildings are covered by an exemption that frees them from paying taxes on improvements made to the land for 20 years, from the date the occupancy permit was issued.
In the case of these buildings, you only have to pay taxes of 1% of the land value, divided by all the owners.
➡️ For new properties the property tax is very low and calculated on a sliding scale depending on whether it is your primary residence or a second home, commercial or industrial development.
In the case of your primary residence the first $120,000 is 100% exempt from property taxes!
If you need more details, do not hesitate to contact me.