Property Tax: What to Know If You Keep Paying More
Real Estate attorney Esteban García Jimeno was interviewed by Valora Analitik about property taxes in Colombia. Frequently, property owners find themselves asking why they are paying more upon receiving the invoice for their taxes, and it is difficult to determine whether the increase corresponds to a change in the property value or results from a change to the real property itself. Esteban explained the chief limits on increases and what to review after receiving a statement with a higher amount. He clarified that Colombia does not have a single limit applicable to all property types and distinguished between a property tax and the value of a home or other piece of real estate that is used as the base for calculating the tax. He also described what options taxpayers have if they think the number is too high.
"The first thing to do is review last year's statement and compare it to the one for the current year," he said. "Then, you should identify if the increase can be explained by the value, rate, classification, economic use, area, new construction or incorporation into a new zone."