The property tax is the tax that is applied to urban or rural properties and is made based on the autovaluation, value of the property. At the beginning of the year, each district Municipality distributes coupon books that specify how much each neighbor must pay for this concept. However, there is an age group that can receive a reduction or exemption from this tax.
Next, the note explains who can access this benefit and what the requirements are. We also detail how the property tax is calculated so that you do not have any doubts when paying these amounts.
What is property tax?
According to the Tax Administration Service of Lima (SAT), the district municipality is responsible for administering, collecting and supervising the property tax. In the case of Cercado de Lima, it is the Metropolitan Municipality of the same that is responsible for collecting this tax based on the self-valuation, which is the result of applying tariffs and unit construction prices authorized by the Ministry of Housing, Construction and Sanitation.
Who should not pay property tax?
There is an age group that can be exempt or receive a reduction in property tax and they are adults over 60 years of age.
“This benefit is aimed at all people over 60 years of age, not only for pensionerss. But they must also meet the requirement of having a monthly income that does not exceed 1 UIT,” Álvaro Gálvez, manager of the Legal Center of the Lima Chamber of Commerce (CCL), told Andina.
That is, if the value of the autovaluation exceeds 50 UIT, the citizen will only have to pay the property tax for the remaining difference. The ITU for this year 2023 is S/4,950.
How much do you pay for property tax?
According to the SAT, the property tax is calculated based on the self-assessment divided into Tax Tax Units (UIT):
- If the value of the autovaluation is a maximum of 15 UIT, 0.2% of said amount will be paid.
- If the autovaluation is between more than 15 UIT and 60 UIT, 0.6% will be paid.
- If the value of the autovaluation exceeds 60 UIT, 1% will be paid.
Source: Larepublica
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