Property Tax 2024: who can be exempt from this tax and what requirements must they meet?

At the beginning of each year, the district municipalities of Lima begin to distribute the coupon book where they detail the amount that each neighbor must pay for the property tax, a tribute that taxes the value of urban and rural properties based on their self-assessment, which It is obtained by applying the tariffs and construction prices approved by the Ministry of Housing.

However, the final price may vary, since there has been a benefit since 2017 to grant discounts and exempt the payment of this tax in favor of a certain age group. In the following note from La República, we tell you who they are and what requirements they must meet to access this benefit.

Who is required to pay property tax?

According to the Municipal Taxation Law, a natural or legal person that owns land, houses, apartments, buildings and construction in general, is obliged to pay the annual property tax in the municipality of its district or province. Said payment must be made by citizens who appear as owners of the property on January 1 of each year and in the event that it is transferred from January 2 onwards, whoever acquires the property pays the property tax from the following year.

Property tax: who is exempt from paying?

The adults over 60 years old can access the benefit to reduce or exempt the payment of property tax, in accordance with the scope of Law No. 30490, Law of the Elderly, which consists of the deduction of 50 UIT (S/257,500) to the amount that they It is necessary to pay for said tax.

“In accordance with Law 30490, the elderly person will also have the right to deduct from the value of the property the amount of 50 UIT (S/257,500) with respect to which they will not pay the property tax, provided that in both cases (the retiree/senior adult ) ask the municipality to take advantage of this benefit, presenting the corresponding supporting documentation,” said Álvaro Gálvez, manager of the Legal Center of the Lima Chamber of Commerce.

Likewise, he pointed out that in the case of pensioners who are owners of a single property, whether in their own name or in the name of the conjugal partnership, which is intended for a residential home and whose income is constituted exclusively by their pension, which does not must exceed one UIT, they have the right to deduct from the self-assessment the amount equivalent to 50 UIT, and must pay the property tax for the excess of the 50 UIT.

What are the requirements for property tax exemption?

According to the website of the Tax Administration Service (SAT) of Lima, older adults can access the deduction of 50 UIT from the amount they must pay for property tax, meeting these requirements:

• Be a citizen over 60 years of age.
• Have a single property that must be in your own name or that of the marital partnership.
• This property must be used as their home, which can be used for productive, commercial or professional purposes with the approval of the respective municipality.
• Monthly income must not exceed 1 UIT (S/5,150).

Property tax exemption: what documents do I need to present?

• DNI of the owner or legal representative of the property
• Last pay slip or other document to prove personal or marital income.
• Copy of the document with receipt stamp.
• If the owner is declared a pensioner or turns 60, he must write a simple letter that is addressed to the municipality to determine the property tax for 2024, because this tax is only declared from January 1 to the last day of February.

How is the 2024 property tax calculated?

According to the Lima Chamber of Commerce, the property tax is calculated using a progressive cumulative scale, considering the value of the self-assessment divided into Tax Tax Units. In this regard, the district municipalities take as a basis the tariff values ​​of the land and buildings, as well as the depreciation table, to prepare the coupon books where the updated value of the property owned by the taxpayer is recorded.

• If the value of the autovaluation is up to 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.