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Baja Property Ownership Information Real Estate, Fidelcomisos, Laws
4-26 MORE ON CAPITAL GAINS - I spent 3 months researching this problem and have spoken to many different people. The information on item 10 today is incorrect. The law changed this year. Formerly, Mexican citizens or immigrados with FM2s did not have to pay capital gains.
Now that has changed and there is an exemption that fluctuates (much like the prime in the US) between $450-500K USD. To qualify for that exemption you must have an FM2 (this requires 5 years of an FM3) or be a citizen. Otherwise, the capital gains is about 28%.
The other kicker is that we are taxed on whatever amount our home is manifested for, or whatever value is listed on the fideicomiso. If it's listed there for you paid for it, you are in good shape. However, most of us did not get that lucky. We took over the previous owner's fide and our house is therefore valued at what it was worth in 1981. Also, you can deduct from the taxable amount any improvements you have facturas for. Again, most of us did not get them because we did not know.
For everyone buying in Mexico in the future ... please make sure the value on your fideicomso is the amount you paid for the house. Also make sure and get facturas for every improvement, even if it means paying an additional 10% IVA. Otherwise you will pay hugely or have to wait until you have had your FM3 for 5 years. - Ann Hazard - Courtesy Baja Pony Express
11-25-06 RE: PROPERTY TAXES - Mexican property taxes are referred to as "impuestos predial". When you received your title papers on your lot or home from the notary, there should be a receipt (usually stapled in the back of all these legal size pages) for the last paid impuesto predial at the time of transfer.
Even if you have missed a few years it is no big deal, taxes are low but you should get caught up. You can pay at the Todos Santos City Hall seasonally (and perhaps now year-round) December-February and anytime in La Paz. There are discounts for "fast pay" in December and January. Cutoff to avoid being late is usually around March 1st.
There is no website or notification system!
Moniely or Como El Sol can probably handle these transactions for you if you don't want to do it yourself. - Jim Elfers