Starting in 2019, there will be a major tax break for homeowners in Panama. Not only will primary residences be tax free up to $120,000 in value, properties beyond that limit will only face tax of 0.5% per year.
This will be the new property tax plan: For primary or family residences:
- 0.0% up to $120,000 in value
- 0.5% between $120,000 and $700,000
- 0.7% beyond $700,000
Secondary homes, commercial properties or other properties:
- 0.0% up to $30,000 in value
- 0.6% between $30,001 and $250,000
- 0.8% between $250,001 and $500,000
- 1% beyond $500,000
Source: CentralAmericaData.com (Spanish)
