Property Tax Rates

Gator says on Mar 29, 2005, 13:39:

Depends upon.. in which estrado you buy-one being the least and six the most.

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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ws244 says on Mar 30, 2005, 17:55:

apartment it is the worst time to buy an apartment in bogota, rent for a couple of years until the building boom goes bust. they are all overpriced.

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miamimike says on Mar 30, 2005, 22:30:

Go to the Bank's Foreclosure Departments.. Thet have many foreclosures. A good % of those apartments they are selling in the North are also being foreclosed on in a short time as many new owners cannot afford the payments. Look in metrocuadrado.com for apartments listed under "estan en Daciones" by the various banks--there are many. The banks know the tax rates. If you have CASH in hand to buy NOW you can get a nice deal !!

On Sept 17, 2008: Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were "strong."Hours later he backpedaled, explaining that he had meant that American workers were Strong.

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webmanco says on Mar 30, 2005, 23:53:

A few real state websites Here you got a few websites of real state agents and of a mayor housing builder in Colombia
A mayor builder in Bogotá

Conconcreto builded Viewofpoint´s house in Medellín

One of the best sources to look for any kind of buildings

A good article

The International Real State Federation
There will be a colombian real state fair in Miami on July

...A yo, déjenme queto y no me jodan má! ...

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viewpoint says on Mar 31, 2005, 02:17:

Property Taxes In Medellin my recollection is that the real estate taxes are billed in tri-mesters (every four months) and my real estate taxes are based on a valuation of about 60% of the actual value of the property (purchase price). However, the effective mill rate must be equal (just my guess) to about 1.5% of the total value of the property on an annual basis in a strata six (6) zone of Medellin (Poblado). The real estate taxes in Medellin are a little less pricey than the average mill rate in the USA but still pretty stiff by Colombian standards (I think). Hunter a regular poster is more knowledgable on this than me.

In Panama I pay nothing for real estate taxes for commercial or residental properties as there are no taxes for the first twenty years (after new contruction) but then things get a little ugly with a 2% per annum rate thereafter but after a twenty year tax holiday who could argue.

Here is a website for another large Colombian contractor with offices in Bogota, Medellin, Cali, Panama and New York http://www.conconcreto.com

They built my home in Medellin and are excellent builders with a solid "well earned" reputation in Colombia.

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ws244 says on Mar 31, 2005, 05:12:

apartments yes there are foreclosures, however you need to look at apartments in person. there is a game down there, they build an apartment complex with a good view, and when the complex sells out, they build another complex right in front of the previous one.
also, though taxi's are cheap, unless you have a car, it is better to have an apartment, walkable to the grocery stores, etc.
depending on yoiur situation, anything from hacienda santa barbara north is a nicer part of town.

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Lincoln says on Mar 31, 2005, 05:38:

Thanks... for all the info! I will check with a bank to get accurate information. Here in the states you better know what the property tax and insurance rates are before purchasing a property because that can add a hefty amount on to the mortgage. And with foreclosures it's even worse because the buyer assumes unpaid taxes. I'm just trying to gather as much information as I can, and everyone has helped a lot!

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Hunter says on Mar 31, 2005, 05:50:

Lincoln Basically the better the strata the higher the quartely property tax.

Also higher utility bills.

I think you will find there is a 3% tax charge when a property changes hands, this is normally split between the buyer and seller, depending on the deal that you make.
This 3% tax is based on the value that you write down at the notary for purchasing the property, it is normal to write down a lesser value than you actualy purchase it for.

Hunter

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juanalejo says on Mar 31, 2005, 10:50:

Bogota tax rates:Annual: Es Bogota tax rates Annual:
Estrato:
1 or 2 Price up to: 44´800.000 = 2 per 1000
1 or 2 more than: 44´800.000 = 6 per 1000
3 up to: 23'700.000 = 4 per 1000
3 more than 23'700.000 = 6 per 1000
4 up to: 56'700.000 = 6 per 1000
4 more than 56'700.000 = 7 per 1000
5 or 6 up to: 150'200.000 = 7 per 1000
5 or 6 more than:150'200.000 = 9.5 per 1000

When you buy you have to pay 1% of the value to register the apartment to your name.

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juanalejo says on Mar 31, 2005, 11:02:

Insurance I pay 0.4% of my apartment value a year for full insurance, inlcuding fire and lightning, explotion, civil conflict, vandalism, water problems (both leaks and flooding), hit by a car or aircraft or car, earthquake, tsunami or volcano, theft, death (for my mortgage), civil responsability, insurance of household employees, incapacity to work and pay the premium, insurance for non payed rent, windows breakage, removal of what is left for reconstruction.

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bickerss says on May 6, 2006, 13:16:

Hunter or viewpoint, can I gat some assistance for buying an apartment here? I am looking at one in Bogota and have a fair few questions. Thanks.

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viewpoint says on May 7, 2006, 06:46:

bickerss I am not really familar with the Bogota apartment market as all my time has been spent for the most part in Medellin. My only construction contacts in Bogota are ConConcreto, S.A.

http://www.conconcreto.com/webNuevo/compania/english.asp?ID=4

You could call their office in Bogota listed on the above link. Aztec has some knowledge of other Bogota builders (more than me).

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Gator says on May 7, 2006, 07:18:

bickerss What's up-ask away.

"SIC FRIATUR CRUSTUM DULCE. OBESA CANTAVIT."

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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poco says on May 7, 2006, 08:14:

Not entirely true And with (U.S.) foreclosures it's even worse because the buyer assumes unpaid taxes

This is not the rule but it can happen and depends on your negotiations. Actually I’ve never known this to happen. The holder of the mortgage is responsible for the taxes. When you purchase a foreclosed home from a “lender” the closing statement shows the tax balance as a debit on the sellers side of the statement.

You will also normally purchase using a standard contract and you will know the approximate amount of your expenditure,, probably within $100.00. If you see something else when you close and a seller (bank) was asking me for back taxes at closing (and I didn’t know that was going to happen) I’d ask they pay the amount. If they refused then I’d walk out and feel confident I’d have my earnest money returned. NO ONE should ever be responsible for debts incurred by “others”.

This same thing holds true for back “home owners fees”.

Because the seller is “the mortgage holder” ie: bank,, they own the property “free and clear”. The tax penalties are EXTREMELY high in Texas and one of the first things an institution will do is pay what is owned,, if anything.

Many, but not all mortgage holders will include a monthly “tax payment” with your payments so it would be doubtful the taxes are more than one year in arrears.

I’d like to know how you got this idea?

PS: The higher the estrato the higher the taxes AND utilities. I think my GF was paying about $60,000 pesos per year for her estrato 2 house, I'd guess the value was about $20 Million pesos or less, who knows maybe I'll ask.

"When you men get home and face an anti-war protester, look him in the eyes and shake his hand. Then, wink at his girlfriend, because she knows she's dating a pussy." Quote - General Tommy Franks

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