ANNUAL PROPERTY TAXES in the Yucatan real estate market and even in Quintana Roo are very reasonable.
Example: A Mexico real estate property in Yucatan, with an appraised value of, let’s say, $1,000,000 pesos will be assessed annual property taxes of, more or less, $2000 pesos Probably less.
It is important to remember that Mexico property taxes are based upon the Catastral appraised value of the property If at closing, the buyer decides to record the purchase at the actual sales price, (instead of the Catastral appraised value) the actual sales price will be recorded on the new deed and that will be the new value in which annual property taxes will be assessed Food for thought…
The homeowner should receive a predial (tax bill) every year that shows the property tax that has been assessed Usually, if you pay the tax early you receive a discount.
Mitch Keenan has been a Licensed Broker in the United States since the 1980s. He holds a GRI and a CRS from NAR (National Association of Realtors). With over ten years of living and working in the Yucatan real estate industry, Mitch brings American business ethics and Mexico business experience together to give buyers unparalleled service. www.TOPmexicorealestate.com 512-879-6546
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