Colombia Forum

fecherklyn
Joined 2015
Posts: 1382

3 years ago

A change in property tax values

3 years ago

This subject has been touched on in my earlier “Does work at home Work? “, but as I have just received some updated news I thought the subject deserves a post entirely dedicated to it.

All expats who own property in Colombia will be aware of what the Predial is/means and it’s linkage to the taxable value of the property. So, what is the news? – I have just received my Predial invoice for 2021 and, surprise, surprise, the taxable value has DECREASED……in my case at least!!

I had to look twice but yes, my Avalúo Total for 2021 has decreased by 5.38% in comparison with the 2020 value. Of course, this could be the case if some municipal works had taken place in close proximity, but NO, there have been no factors I can think of which explain this change.
So, question to any forum members who own property in Colombia (more specifically Medellin where I live) …………have any of you seen similar changes to your 2021 Predial cost factors?

I am not complaining – the reduction in the taxable value automatically affects the Predial cost we have to pay unless the Alcaldia make offsetting adjustments to the rate of taxation, which does not appear to be the case.

Anybody any idea why this can have happened? I think you will agree, it is not often we get a reduction in taxation, and to do so in this difficult period makes it all the more surprising.

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