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Property owners in Mexico – Two annual dues 1

There are two annual fees to be paid in January for those who own property in Baja California Sur. Mexican property taxes are known as predial and like most other counties and municipalities these taxes are used to operate local governments. Similar to our north of the US – Mexican neighbours, there is a discount for paying the entire tax early; paying by the end of January you receive a 20% discount, February for a 15% discount, March a 10% discount and April, a 5% discount.  In Mexico property tax statements are not sent out in the mail; one must go to the local Public Registry office or access the Municipal website –  https://www.tesoreria.loscabos.gob.mx/

Property tax files are recorded by number, not name, although one should check the records to make certain that the correct name is associated with the property. One can find your property tax ID number or clave catastral in your Fideicomiso, (property deed). The great news is property taxes are low in Los Cabos with the approximate amount being .01% of the property value at the time of sale. Should you be selling your Cabo home you will need the proof of receipt.

The other annual fee is your trust fee. If you purchased your property through a trust your trustee bank will charge you an annual administration fee to hold your trust. This fee needs to be paid to the bank every year. Some banks use the anniversary of the trust closing date as the date when this fee is due while others prorate the first year fee and start the second year on January 1st. Ask your bank or property manager to verify this date. This notice may be sent to you, however, it is probably a good idea to check to see if this is the case, otherwise you or your property manager must keep a record of when it is due each year. Penalties often will accrue if this fee is not paid on time. In your fideicomiso it states which bank holds your trust as well as the property owner (beneficiary) and the sub beneficiaries of the trust.

Janet Jensen

+52.1.624.141.6726
janet@theagencyloscabos.com

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Based out of San Jose del Cabo, BCS, Mexico, The Agency is a Luxury Real Estate brokerage, an independently owned and operated licensee of UMRO Realty Corp.

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