An Important Update About Real Estate Acquisition Tax
Purchasing property in Mexico, like any other country, is associated with added expenses during closing. One of the added costs you should anticipate is the acquisition tax, also known as a transfer tax.
Up until this year, the acquisition tax in Playa del Carmen was only 2%, but as of January 2020, the Impuesto Sobre Adquisiciones de Bienes Inmuebles (acquisition tax) has increased from 2% to 3%.
The tax will be calculated at 3% of the assessed value of the property at the time of purchase and is the responsibility of the buyer.
This increase affects real estate transactions in Playa del Carmen as well as Tulum. Be advised any real estate transaction in process maybe be affected by this increase, and your tax % may be reassessed before closing.
Your closing attorney has no authority or control over the fee increase.
The Municipality of Solidaridad, which includes Playa del Carmen, increased the percentage in 2020 as they were charging less than other municipalities and wished to normalize their tax.