Over time, the older adults They are increasingly less able to generate their own income. In addition, rising inflation and the coverage of basic needs continue to increase. In light of this, Peruvian laws provide this sector of the population with the opportunity to save money. Those over 60 years of age can exonerate oneself of the payment of the property tax, a tax that taxes the ownership of real estate. Therefore, find out HERE the requirements and the procedure to access this exemption, making sure to comply with all the procedures required by the corresponding municipality.
He property tax It is an annual tax levied on real estate property, the payment of which is mandatory for all property owners. However, there are specific exemptions for senior citizens who meet certain criteria established by Peruvian law.
Property tax for people over 60: what are the requirements?
According to what the newspaper was able to find out The Republicif all requirements are met, the base amount for this exceptional operation is 50 UIT (Tax Units), which in 2024 is equivalent to S/257,500This reference is linked to the property appraisal, a document that tells the municipality how much the house is worth.
If this document is less than the 50 ITUthe citizen over 60 years old will not pay the property tax. On the other hand, if the value is higher, he will only pay the differenceTherefore, it is important that applicants submit all documentation proving compliance with these requirements. This procedure must be carried out annually to maintain the current exemption.
This is how you can start the property tax exemption if you are over 60 years old
If you have the self-assessment of your home, you can now begin the process for exemption from paying property tax. It is worth mentioning that each municipality has a specific requirement to access this benefit. To do so, you must meet the following points:
- Owning a sole property real estate, which must be registered in one’s own name or in the name of the married couple
- Mainly intended for residential use. Partial use for productive, commercial or professional purposes is permitted, provided that the corresponding approval from the municipality is obtained.
- Monthly gross income must not exceed the equivalent of 1 UIT (S/5,150).
What is property tax?
He property tax It is a tax levied on the ownership of real estate and is paid annually. The taxable base of the property tax is the value of the property determined by the municipality, which considers factors such as the location, size and characteristics of the property. This tax is intended to finance municipal services, such as garbage collection, maintenance of public areas and other essential services for the community.
To calculate the amount to be paid, the property tax rate, which varies according to each municipality, is multiplied by the value of the property. It is essential that owners check local regulations to find out the rate applicable in their area. jurisdictionFailure to pay property tax may result in penalties and surcharges, so it is important to be up to date with this tax obligation.
Source: Larepublica
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