The Property Tax is related to real estate, it is the charge for space depending on the city or rural area in which it is located and it is done once a year.
The property tax in Ecuador It is a charge made by all municipalities for the space occupied in cities and rural areas. The amount is calculated on the value of the land, buildings, facilities, homes, commercial spaces and other constructions located on this site.
The owners of these assets must make the payment on the schedule established in each city. Older adults (over 65 years) and people with disabilities are exempt from certain items that include the property payment.
Articles 501 and 514 of the COOTAD (Organic Code of Territorial Organization, Autonomy and Decentralization) indicate that it must be paid by all property owners located inside and outside urban areas, which are within the same jurisdiction.
The only requirement that the user must present is the cadastral code or the proof of the previous year’s tax for the respective collection.
According to the schedule established by the municipalities of Quito and Guayaquil, the discounts run from January to June and gradually decrease every two weeks. Payments made in the first fortnight of the months from January to June will have the following discounts: 10, 8, 6, 4, 3 and 2%, respectively.
In Quito, payments are made in banks or on the website. For its part, in Guayaquil, the municipality enabled 15 windows in the Mayor’s Office and four digital modules to expedite the payment of the property tax.
How is the value calculated?
The COOTAD indicates that the value to be paid is the sum of the taxable values of all the properties held in the same jurisdiction, including the rights held in condominium.
A deduction can be made from this value for mortgage charges of each property. After that, the value that remains receives the tax band of between 2.25 per thousand and 5 per thousand.
Citizens usually pay the property tax for the first days and months for the discounts they can obtain. (YO)
Source: Eluniverso
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