There are various types of taxes that exist, one of them is that of property and that is where the base of the value is real estate. They are the local governments, the ones in charge of using the property tax to collect income in order to reinvest it in works for the community.
Taxes on buildings and land are one of the oldest ways of collecting taxes, rather than on income and sales of products and services, since they were used to finance all those activities related to public management.
The vast majority of these types of taxes are calculated depending on the value of the property. This type of collection is called " ad valorem ". The way in which the exact amount of the tax is calculated is through a periodic appraisal of the property. One of the characteristics of ad valorem is that owners must pay these taxes whether or not they use the property or if they earn income from it.
The responsibility of the different stages of this type of tax, that is, assessment, appraisal and collection are exclusively of the entities imposed by the national or local government. Both local and state government agencies are authorized to levy taxes, but the manner in which they carry out assessments, collection, and enforcement varies widely.
This tax is levied on all homes: urban plots, real estate for commercial, industrial and professional activities. In the same way, when a person buys a property so that it remains in his name, it is necessary that the property transfer process be carried out in front of the corresponding governmental or local entities.
