The governor Axel Kicillof sent to the Buenos Aires legislature the Fiscal Tax Law of 2024 which includes a sharp increase in property taxwhich will have increments of between 140% and 300% for taxpayers, according to the text that would be discussed this week in the provincial parliament.
How much will the real estate rate rise in Buenos Aires?
The project of Fiscal Tax Law establishes progressive limits for increasing the tax with respect to the previous year, which vary based on greater assets, while the 90% of taxpayers will have increases in 200% or less, the 10% remaining will have progress close to 300%, it is estimated. These new values would come into force from January 1st.
“In the case of the Real Estate tax, it promotes maintain the real value of the tax before him uncertainty scenario regarding the future of macroeconomic variables. As for the Built Urban Real Estate Taxthe tax base is updated, recovering the deterioration arising from the macroeconomic indicators and, to continue providing progressivity, tax growth limits are established with respect to the previous year, which are ascending to greater wealth“, indicates the text of the project sent by the re-elected governor.
for the tax Built Urban Real Estate Tax, the lowest scale of the tax base is from 0 to 1.8 million pesos, which will pay a fixed fee of $1,820. Compared to last year, the lowest range was up to $456,000 and paid a fixed amount of $455.
Meanwhile, the highest level in the tax base is $152 million pesos with a fixed cost of $2.8 million. In the current law, these amounts were $38 million (tax base) and the rate was $700,000.
What will be the increase caps?
- Properties whose tax base corresponding to the year 2024 is up to $5,054,912 They will even have an increase in 140%.
- For properties whose tax base corresponding to the year 2024 is greater than $5,054,912 And till $9,310,820will have an increase of 170%.
- In the case of properties whose tax base corresponding to the year 2024 is higher $9,310,820 And till $31,465,000they will have an advance of 240%.
- In the case of properties whose tax base corresponding to the year 2024 is greater than $31,465,000 And till $121,800,000the rate increase will be 300%
Furthermore, regarding the tax Vacant Real Estate, The text states that “the tax base is updated in the same magnitude as in the Built”, just like the Rural Real Estate Taxall of them “developing progressive tax growth caps and increase in the Tax base.”
In turn, the standard adds that An additional quota is incorporated into the most valuable fields in the province of Buenos Airesbut the Government clarified that “none of the rural items will pay increases that are above accumulated inflation.”
Car tax: how much will it rise?
Another of the taxes that enters the norm is the Automotive -Patents-, which will have an average increase of 145% for models from 2013 to 2024, in accordance with the values set by the National Directorate of Automotive Property Registryand the Maximum limit for the increase is 270% for the highest-end cars.
He Tax Law project 2024 will be treated this Thursday along with a debt request. For the Kicillof government, it is key that both initiatives are approved, since the first contemplates increases in property taxes and a request so that taxes can be updated according to the inflation index. The second, meanwhile, tries to alleviate the cut in items arriving from the Nation.
Source: Ambito
