Much talked about bill property tax He said that the established Ministries of Finance and Agriculture will not affect all the owners of the country.
Those who will have to pay more for their real estate will be those who have land or real estate that has not been renewed for years and therefore pay lower property taxes than they should. The rest would remain the same.
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The government’s intention is Minimizing the impact of updating cadastral valuation, So far, in some cases, increases of up to 1000 percent have been observed in local governments due to confusion arising from old legislation.
“This will only apply to municipalities that have undergone a cadastral update. On the contrary, the more than 128 municipalities that have already been updated will not have such an impact. There are almost all capital cities such as Bogotá, Cali, Medellín, Barranquilla or Bucaramanga. It is about reducing these increases and truly reaping the benefits of multi-purpose cadastre,” says Igac director Gustavo Marulanda.
The goal of Gustavo Petro’s government is as challenging as it is ambitious: Increasing cadastral updating from 9.6% to 70% with a multi-objective approach between now and 2026.
The aim is to physically, legally and economically update the 80 million hectares of land distributed among the 660 municipalities in the remaining part of the government.
Like the big cities of the country Bogotá, Medellín, Cali, Barranquilla, Bucaramanga, Pereira and Ibagué These have already been cadastrally updated, so this project will not affect them, except in exceptional cases.
According to Igac, there are 123 updated municipalities in total. Some of the highlights: Fómeque, Fusagasugá, Sopó, Villeta or Zipaquirá in Cundinamarca. Barbossa, Cáceres, Envigado, Puerto Berrio, Sabanalarga, Támesis or Girardota in Antioquia.
Also Cartago or Palmira in Valle del Cauca; o Relaxation in Santander.
In 2022, the cadastral administration completed 17 updates and until 2023, The target is to intervene in 73 municipalities and approximately 100 municipalities by 2024.
However, these updates are subject to contractual processes, prior consultation with different ethnic groups and having an appropriate budget.
The bill will be updated when the cadastral assessment is updated. An upper limit is placed on the subsequent increase in property taxes by municipalities. This will reduce the impact.
“With the current regulations, we were seeing that many people’s prices were increased by more than 1,000 percent. Limitations will be introduced to prevent this. For example, 90 percent of real estate in the country is valued below the 135 minimum wage. They usually pay an average of 28,000 pesos and under normal circumstances, they will receive a 50 percent increase, this is around 14,000 pesos. Otherwise, more than 2 million pesos will be charged,” explains the Igac manager.
Finance Minister Ricardo Bonilla assured that the different cadastres of the Nation and the country were updated, but the decree in force from 2019 only said that the automatically occurring effects on the tax could not be determined. Creates relief for properties with Evaluation below 135 minimum wage and it says that if the cadastral valuation is updated, the municipality will not be able to collect more than 100% of the amount you paid in the previous year.
“This decree says nothing about overvalued properties, which means that if they increase your cadastral valuation by 1,000 percent, the property tax can go up to 1,000 percent,” he said.
Locations to be updated include remote areas such as Guainía, Guaviare, Vaupés, Amazonas and Chocó.
Or currently many regions in the north of the country are being updated, for example Córdoba, Sucre, Bolívar and Cesar, The government wants to focus on buying land to distribute to farmers amid agrarian reform because that is where the most productive and underutilized property is located.
Agriculture Minister Jhénifer Mójica said the lack of regulation on ceilings has led to “exaggerated” increases in property taxes, affecting more than 900 municipalities in the country with a registered tax rate below 19 percent.
“In most municipalities of the country, the cadastral value of properties is less than one fifth of the real value,” he said.
The project allows all municipal councils and mayors to organize property tax payment after the cadastral assessment comes into force.
The covers will look like this:
– Property taxes may increase up to 50 percent on residential and commercial urban properties and whose cadastral valuation is less than or equal to 135 of the current legal monthly minimum wage (smmlv), i.e. approximately 156.6 million pesos in this year’s prices.
– The increase can be up to 100 percent for properties whose cadastral valuation is above 135 minimum wages and below 250 wages.
– What happened There will be 150 percent adjustment for those above 250 salaries and below 350 smmlv (406 million);
– There will be a 200 percent property tax increase for those whose valuation is above 350 but below 500 minimum wage (580 million),
– Properties exceeding this final range may be subject to an adjustment in property tax. up to 300 percent. Today, they can normally pay 1000 percent of the property tax they paid the previous year.
Agriculture Minister Jhenifer Mojica said the proposal shows there will be a maximum increase of 50 percent on most of the country’s properties. “Only 5 percent of properties will fall into the highest annual increase range,” he said.
He added: “With this draft law, more precise and progressive boundaries for rural land are proposed, so that land fulfills a social function.”
Source: Exame
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