As I mentioned in yesterday's post, what you lose in high closing costs you will make up in extremely low property taxes. Property taxes are .1% of the property value. Many people are attracted to Mexico because of the low cost of living. Property taxes are low because they have never been seen as a source of revenue for the government like in the United States.
Property taxes in Mexico are payable annually. It is common practice in Mexico not to send out property tax bills. You will have to go to your local tax office to ask for the bill.
Does a property tax rate of .1% sound too good to be true? Well, it gets even better. If you are organized and pay your property taxes (impuesto predial) in January, YOU GET A 15% DISCOUNT! If you were paying $400 on a $400,000 property, your taxes would be reduced to $340.
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