August 12, 2014:
Mexican Lawyer Lic. Spencer McMullen has been busy again, offering yet more good insights into how real estate law, property law, and tax laws work in Mexico. Here is his latest report on key issues that affect most of us foreigners living and visiting Mexico:
Real Estate Appraisals in Mexico.
Here in Mexico we have three types of real estate appraisals: Tax (Catastral), Bank (Bancaria) and Commercial (Comercial). When choosing an appraiser, remember that all appraisers must be licensed. Most are engineers or architects who have postgraduate courses and state licenses and are also “peritos” or experts in real estate.
TAX (CATASTRAL) APPRAISALS
The Tax / Catastral appraisal is used to calculate transfer real estate taxes and fees, as well as notary fees. In years past Notarios used this value as the sales price listed on the deed, instead of the real sales price that the buyer paid to the seller.
This approach had certain consequences when the listed value was low, allowing the buyer to pay smaller closing costs and less in ongoing property taxes. After the Feb. 2010 ISR tax law changes, . . .
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Full details and translations can be found in the Main Article (see Header):
Real Estate Property Appraisals in Mexico: Catastral, Taxes, Capital Gains & Notarios
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proper attribution: YucaLandia/Surviving Yucatan. © Steven M. Fry