How can I apply for property tax exemption if I am over 60 years old?

Property tax is a obligation tax This tax is levied on property owners in Peru. This tax is calculated on the value of the property appraisal and must be paid annually. However, there is the possibility of exemption for adults over 60 years of age, which can represent a significant relief for this sector of the population. Below, we explain in detail how to request this exemption, the necessary requirements and the implications of not complying with this payment.

The property tax exemption is intended to help seniors who meet certain criteria, relieving them of a burden financial additional. This benefit not only seeks to facilitate tax compliance, but also to offer economic protection to a vulnerable part of the population.

How can I be exempt from paying property tax?

To be exonerated of the property tax, it is necessary to comply with a series of requirements established by the corresponding municipality:

1. Age: Applicant must be 60 years of age or older.
2. Property: must be the owner of a single property that is intended for housing.
3. Income: The applicant’s gross monthly income must not exceed one UIT, that is, S/5,150.

Can my house be taken away if I have debts for not paying property taxes?

Not paying property tax can lead to consequences for property owners. The possible repercussions include:

• Interest and fines: Unpaid debt accrues interest and penalties that increase the total amount owed.
• Foreclosures: In extreme situations, the municipality can initiate seizure proceedings on the property.
• Difficulties in procedures: Outstanding debts can complicate other property-related procedures, such as the sale or transfer of the property.

What is property tax and what other taxes are paid around the house?

The property tax is a tax that property owners must pay, calculated on the worth of the self-assessment of property. This tax is essential for the financing of municipalities, allowing them to offer public services and maintain infrastructure. Payment is made annually and can be divided into instalments.

In addition to the property tax, there are other tributes that property owners should consider:

• Alcabala tax: This is paid at the time of transfer of ownership and is equivalent to a percentage of the sale value of the property.
• Income tax: If the property generates income, such as rentals, the owner must declare and pay the corresponding Income Tax.
• Municipal taxes: These are periodic payments that cover municipal services such as public cleaning, parks and gardens, and citizen security.

What is the alcabala?

The tax of excise duty It is a tax that is applied in Peru on the transfers of estateThis tax is equivalent to 3% of the sales value of the property and must be paid by the buyer at the time of acquisition of the property.

The amount of tax is 3% on the transfer value, which may be the appraisal value, the transfer value stated in the minutes or public deed, or the value estimated by the Tax Administration Service (SAT) of the respective municipality.