Property Taxes in Colombia?

I'm planning on purchasing an apartment in Medellin. What kind of property taxes am I looking at and are there any capital gains taxes? What is the IVA % rate when I purchase the property?

If anybody has any experience in the matter, please share. Thanx

By BigO on Nov 23, 2005, 07:44 in Friendly Talkzone.

tomtom33 says on Nov 23, 2005, 07:59:

Property taxes I paid about US$450 last year in property taxes for an apartment in Laguito(CTG). I paid COP110 million for the place two years ago.

Desideria (Moderator) says on Nov 23, 2005, 08:40:

I paid around US$350 for my townhouse in Cali. I have no idea what's it worth, but I'd imagine between 70-90 million Col. pesos.

Cheers,
Desi

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else's life.

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Rubiazo says on Nov 23, 2005, 10:49:

There is exetensive info here already just do a search for 'impuesto predial'. Property taxes vary by Estrato, I believe 1 doesn't pay, 2 pays .1%, 3 pays .4%, 4 pays.7%, beyond that I cant' remember. Closing costs should run at most 7% of propery value. Just as in Canada or US, the assessed value is what you pay tax on, which is usually lagging behind appraised value etc.

Hunter says on Nov 23, 2005, 10:56:

Property purchase tax Will be based on the price that you agree to register at the notary, which is normally lower than the actual sales price.

The tax varies from City to City I think, its about 3%, also depends on the deal that you cut with the seller, its normal to split the tax 50/50.

The only IVA you will pay is on the notary charges.

Capital gains tax, not really sure about, but if you officially only sell it for slightly more than you paid for it, your only real tax will be the sales tax above.

Hunter

Hunter says on Nov 23, 2005, 11:01:

Rubiazo percentages maybe correct for another City in Colombia but are not correct for Medellin, Medellin is 3% or 4%, normally split 50/50 with the seller, I have bought and sold a few places in Medellin in strata 3, 5 & 6.

Notary costs are 250,000 pesos or so.

A lawyer 100,000 pesos or so.

Hunter

Rubiazo says on Nov 23, 2005, 16:24:

Apples and oranges I'm talking property tax, you are talking land transfer tax.