Mexico Property Taxes and Video
Property taxes in Mexico are so low in comparison to the States!
Property taxes are based on the assessed value of your property, not the purchase price.
You may be eligible for several discounts. These discounts are 50% off if you live in the property, an additional 10% off if you pay early – January, and another 10% off if you can show that you are retired – or over 55 years of age. You will probably need to request the 50% primary residence discount and the Jubilado discount.
You can prove retirement if your FM3 document says you are. Look for the word Jubilado on your FM3, and show it to the person you pay property taxes to.
You’ll find specific info on the Property Taxes you’ll pay in Mexico when you purchase your dream home. Believe me, it’s going to be a pleasant surprise! The average property taxes in Mexico is $40 a year.
An approximation of your tax bill is .01% to .02% of the appraised value of your property. That means, a $200,000 home would be taxed at approximately $40.00 – at .02%. Usually the higher the priced home, the higher the percentage, but, still, a $100,000 home would probably be about $10.00 – based on the .01% rate.
Your taxes must be paid at the tax office. You will not receive a bill unless you are late in paying the tax. You will simply go to the tax office and pay your bill.
Not to be confused with: There is a tax of 1% to 5% of the assessed value of a property that you buy that you will pay. This is usually paid by the buyer.
Just a little explanation of Dick feeding Griffy. Dick was done with his spaghetti – I, as usual, had served him too big of a portion. Griff always sits in “his” chair and waits until we are done eating, then he has his meal…no, he didn’t eat all of that!! But, he probably would have if we fed it all to him
Addition Feb 3, 2013 – the amount you need to move to Mexico has changed – see – http://consulmex.sre.gob.mx/detroit/index.php/info-english