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Ben Round de Bloc
Joined: 16 Jan 2003
Posts: 1946
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 Posted: Wed Mar 01, 2006 4:34 pm Post subject: |
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| MELEE wrote: |
| I just paid my property tax, it was only 180 pesos! and they gave me a discount because I paid it on time! Like I did them a favor by paying my taxes. |
I just paid my property taxes a few days ago, too. Only 344 pesos minus 10% for paying before the end of February, which is dirt-cheap as I see it. (A far cry from property taxes in Iowa!) Many of my friends here think I'm nuts for paying property taxes every year. They never bother to pay them. Their point of view is it's a waste of money to pay property taxes unless a person wants to sell his house. Then the back taxes have to be paid up in order to sell. I think a big part of it is that they don't trust the government with their tax money. They believe most of that money goes into the pockets of government officials rather than being spent on what it's supposed to be used for. |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Wed Mar 01, 2006 5:38 pm Post subject: |
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After a little digging, here's what I found.
The sale or purchase of a residential property in Mexico does not incure IVA (VAT in English). Nor does leasing or renting. This I didn't know.
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| Purchases and leases of residential premises and all purchases of land are exempt from VAT. |
http://crossborder.practicallaw.com/0-200-8914
However...
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Real estate transfer tax is imposed on anyone who acquires real estate in Mexico. For these purposes, the acquisition of real estate is any act that transfers ownership, including:
*Gifts.
*Inheritance transfers.
*Business transfers.
This tax ranges from 2% to 3.3% of the value of the property, depending on the state in which the property is located and the relevant civil tax code. |
And finally, what we're looking for...
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Rental income generated in Mexico is taxed at regular income tax rates, after deducting actual expenses or a blind deduction of 35%, whichever is greater. This provision applies to residents. Non-residents pay a flat 25% on the gross income. Both residents and non-residents may be required to charge valued added taxes and may also need to charge a 2% hotel tax, depending on the circumstances. While it has been relatively easy to avoid taxes on Mexican rental income, some jurisdictions, for example in San Miguel de Allende, are cracking down on those persons who are not paying income taxes on rental income.
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You are correct Ben. |
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snorklequeen
Joined: 16 Jun 2005
Posts: 188
Location: Houston, Texas, USA
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| Posted: Sun Mar 05, 2006 8:38 pm Post subject: Homestays etc. |
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thanks, you guys, for your replies about renting/leasing!
Queenie |
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