He property tax It is an annual tax levied on the value of urban and rural properties in Peru. Pensioners, considered a vulnerable group, can access an exemption to protect their income during this age stage, when they can often experience financial crises.
To access this exemption, pensioners must meet a series of specific requirements and submit the corresponding documentation. Below, we explain in detail everything you need to know about this benefit.
What is the property tax exemption for pensioners about?
According to the platform of the SAT (Tax Administration Service), the exemption from property tax for pensioners allows those pensioners who own a property to deduct from the tax base an amount equivalent to 50 UIT, in force in the taxable year.
If the value of the property exceeds this amount, the pensioner will only have to pay the resulting difference, but if the value of the property does not exceed 50 UIT, the pensioner does not have to pay property tax. By reducing the tax burden, the State seeks to provide significant support to this group.
Property tax exemption: these are the requirements that pensioners must meet
To qualify for property tax exemption, pensioners must meet the following requirements:
- Owning a single property for housing, in the name of the pensioner or the married couple. Additional ownership of a garage is permitted.
- Partial use of the property for productive, commercial and/or professional purposes, provided it is approved by the municipality, does not affect the deduction.
- The pensioner’s gross income must come exclusively from the pension and must not exceed 1 UIT per month, in force in the taxable year.
What documents must pensioners present to access the exemption?
To request exemption from property tax, pensioners must submit the following documents:
- Application form provided by the SAT, signed by the applicant or his/her legal representative.
- Identity document of the owner or legal representative.
- Resolution or document that certifies the status of pensioner.
- Last payment or pension settlement receipt.
- In case of representation, a specific power of attorney must be delivered in a public or private document with a signature legalized before a notary or certified by a SAT notary.
The presentation of these documents is essential to access the benefit. It is important that pensioners ensure that they comply with all requirements and submit the complete documentation to avoid inconveniences in the process.
Property tax: who is required to pay property tax?
Property tax in Peru is mandatory for all property owners as of January 1 of each year. This tax applies to both natural persons and legal entities, regardless of whether they live in the property or not. The amount of the tax is calculated based on the value of the property, determined by the corresponding municipality, and considers factors such as location, use of the property, its age and physical characteristics.
What is property tax?
The property tax is collected, administered and inspected by the district municipality where the property is located. The Metropolitan Municipality of Lima manages this tax for properties in Cercado de Lima. This tax is levied on the value of urban and rural properties based on their appraisal. The appraisal is calculated by applying the tariffs and unit construction prices approved annually by the Ministry of Housing, Construction and Sanitation.
Source: Larepublica
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