- This topic has 1 reply, 3 voices, and was last updated 11 years, 3 months ago by
.
-
Posts
-
I purchased 2 properties 4 years ago. I built 2 homes and
now want to make 1 large lot and have 1 Corp. I have one attorney telling me I have to pay taxes again. I have another attorney telling me NO I dont have to pay the taxes again on
combinding the property. Does anyone know the correct answer?Thanks,
I am not an attorney and the answer ‘may’ depend on he specific municipality which you would need to confirm with a trustworthy attorney but it’s been my experience that you would need to have all taxes up to date before making these changes.
It may be prudent to find out if the one larger property would be subject to the luxury taxes too when it may not be if it’s two smaller properties…
Scott
What you want to do is called “reunion de fincas”. And this is whay you do:
1) you pay all corporation taxes and property taxes up to date, from both properties and corporations.
2) you need to pay a surveyor to do the new survey plan.
3) you take the new survey plan to your municipality to get the “Visado”
4) You hire a notary to register the “reunion de fincas”. I If the 2 properties are registered under 2 corporations you will have to transfer one property into the other corporation and then put both together. This can be done in one transaction. You will have to pay legal fees (notaries fees) and stamps/taxes to the registry. Nothing is done at the registry without paying stamps and/or taxes. The amount depends on the registered value of the properties (valor fiscal) because there is not Sale involved.Now, as Scott also mentioned, depending on the total value of construction on each lot (including fences, walkways etc.) if you throw the 2 together, you may be subject to pay luxury taxes.
- You must be logged in to reply to this topic.
