This immaculate three-bedroom courtyard villa in Playa Langosta has been reduced from $565,000 to $495,000

Villa Periquito Entrance Entrance: The Villas courtyard is lined with grand King palms and the quiet babble of the fountain
Villa Periquito Pool Pool: The private pool is tiled with Spanish glass
Villa Periquito Living and Dining Rooms Living and Dining Rooms: Entertaining is made easy with the great room concept where guests and family can mingle around the kitchen or step out to the patio that surrounds the pool and barbecue area
Villa Periquito Master Bedroom Master Bedroom: The master bedroom has a private patio and there is a small terrace off the guest room on the second floor
Villa Periquito Villa Periquito – Now Just $495,000
Steps from the Beach, Ref.# ABC-C013-6, 
Immaculate 3-bedroom 2.5-bath Courtyard Villa in Playa Langosta… View Full Details

This beautiful two-bedroom home in Hacienda Pinilla has just been reduced from $550,000 to $489,000

Jardines de Palma Real Pool Pool Area: Owners at Palma Real Villas enjoy exceptional amenities such as a swimming pool, barbecue area, and fitness room
Jardines de Palma Real Kitchen and Dining Area Kitchen and Dining Area: The kitchen is fully equipped with modern appliances
Jardines de Palma Real Bedroom Bedrooms: Both bedrooms have vaulted ceilings and full bathrooms
Jardines de Palma Real Beach Playa Mansita: It is just a short walk to beautiful Playa Mansita, known for its crystalline warm waters
Jardines de Palma Real Jardines de Palma Real – Reduced to $489,000
Beautiful Villa in Hacienda Pinilla, Ref.# ABC-P022-JPR
This Jardines de Palma Real villa is only steps from the beach in Hacienda Pinilla… View Full Details

ABC Real Estate Tamarindoby: amcostarica.com

President Laura Chinchilla launched a new green campaign for the country Monday to remind the people of Costa Rica about their carbon footprint.

The campaign, Limpia tu huella or “Erase your print,” aims for environment responsibility. The project is to inform individuals about actions they can take to reduce their carbon footprint.

The president along with Renee Castro, the minister of Ambiente, Energía y Telecomunicaciones can already count on the participation of certain corporations, private and public institutions that have signed the environmental agreement. Some of the names to participate in the campaign are Instituto Mixto de Ayuda Social and the company S.C. Johnson de Centroamerica S.A., the Pavas-based insecticide distributor. Some of the actions taken by the institutions and corporations are to save energy, use renewable energy, and to carpool.

The president has taken a role to promote Costa Rica as a green country. She has blamed First World industrialization for global warming and hurricanes. This new campaign was created by her administration.

This is program is part of the Costa Rican government goal to become carbon neutral by 2021.

ABC Real Estate Tamarindo

Casa Europa

Property Taxes

Ley 7509 Impuesto sobre bienes inmuebles

This tax applies to every titled property. Its collection is administered by the local municipality. It represents 0.25% per year of fiscal value recorded in the National Registry. Fiscal values are assigned following the procedures established in the legislation. They can be referenced to the highest sales prices reported, an appraisal performed by the Municipality’s engineer, the value of a mortgage (if applicable) over the property, or a declaration by the contributor.

The taxes are collected per quarter (by the end of March, June, September, and December), but the contributor may pay the whole year within the first quarter. If several periods are pending, interests will be charged and the case could be sent to a judicial process which would end in the payment of legal fees upon payment or the eventual foreclosure of the property due to this debt. When selling your property, the taxes have to be paid up-to-date; if not, it might delay the closing. Make sure you are up-to-date and keep the receipts. It is best to get a so-called “Constancia” Municipal, a statement that you don’t owe anything to the Municipality to supply to the buyer. A “Constancia” is free, just ask for it.

Where to ask: Tamarindo and the surrounding areas are administered by the Municipality of Santa Cruz. Its offices are located in the city of Santa Cruz, phone number (506) 2680-0101: ext. 202 Patentes & Taxes; ext. 203 Collections; ext. 204 Bienes Inmuebles (Real Estate).

Luxury Home Tax

Ley 8683 Impuesto solidario para el fortalecimiento de programas de vivienda

Law number 8683, in firm on December 10th, 2008, created a tax with the specific purpose of financing welfare housing programs with funds gathered from owners of luxurious homes. The law itself states that the tax will be valid starting January 2009 and for ten years (until January 2019).

A contributor to this tax is any entity that owns a house classified as luxurious by January 1st of the year. The tax must be paid by January 15th or the following working day of the natural year it applies.

To analyze if a property is subject or not, and to calculate the amount of the tax to be paid annually, an appraisal is to be performed following a manual (“Manual de Valores por Tipología Constructiva”) created and updated by a dependency of the Tax Authority (Órgano de Normalización Técnica). The initial threshold value of construction from which a property started to be considered as luxurious in 2009 was 100 million colones. This threshold is updated each December and right now it is at 111 million colones (around USD$220,000.00).

If the construction of a home exceeds the threshold, the value of the land is included according to survey maps created for each municipality. Homes within condominiums must include their participation over common areas as part of their assessed value.

The rate of the tax is established on a tier system. It goes from 0.25% to 0.55% depending on the appraised value.

The assessed value for properties standing in 2009, when the tax started to apply, is good for 2009, 2010, 2011, and 2012. Hence, within the first 15 days of January 2013, properties should be reassessed applying the threshold, tiers, and calculation manual valid at that time, and a new value must be declared. According to these variables and the application of the depreciating factor, properties that were previously exempt from the tax may apply, and others may become exempt. For properties declared after 2009, the declaration is valid for three periods, after this, the property should be reassessed and the new value declared.

A house that is built within the years the tax is valid and applies as a luxury home must declare and file the tax the first January 1st it is finished.

Inscriptions, filings, and payments are performed through digital and physical forms available by the tax authority (Dirección General de Tributación (dgt.hacienda.go.cr)) and payments are collected by most banks.

New Tax on Corporations

Ley No. 9024 Impuesto a las Personas Jurídicas

According to the new law number 9024 “Impuesto a las Personas Jurídicas,” published in the official newspaper “La Gaceta” on December 27, 2011, this new tax is now being collected. The tax was set at 50% of the base salary established in the year for entities considered “active” or having economic activity and at 25% of the base salary established in the year for entities considered “non active.” Normally, this tax will be collected in the month of January, but as the law started to apply in April, 2012, this year the proportionate share must be paid by April 30th, 2012. In dollars, the corresponding tax is USD$271.00 for an active legal entity and USD$135.50 for a non-active legal entity. The official collecting agent for this tax is Banco de Costa Rica (www.bancobcr.com) through all their branches.

ABC Real Estate Tamarindo

Casa Camille

Examples

Let’s use as an example Casa Europa, one of our listings which recently sold with a listed sales price of USD$299,000. The property is held through a corporation.

When performing an appraisal based on the construction value, excluding the land, landscaping, and furniture, it will come out to be lower than USD$220,000.00, hence the house will not be subject to paying the luxury home tax. This property would pay USD$747.50 in property taxes per year and it would pay USD$406.50 in tax on corporations.

Another example of a higher priced house would be our listing Casa Camille, with a price of USD$1,090,000.00. The property is held through a corporation.

Based on the fiscal value it has registered, it currently pays USD$154.00 per year in property taxes. When performing an appraisal based on the construction value, it applies for the luxury home tax, then the value of the land is included and the amount of luxury home tax paid per year is $1,077.00. This property would pay USD$747.50 in property taxes per year and it would pay USD$406.50 in tax on corporations.

This article was written by our agent Federico Jose Fernandez, who is also an expert in tax consulting. Feel free to contact him at A&A Consultores, and he will be happy to help you. Email: ffernandez@ayaconsu.com or call (506) 2653-6787.

ABC Real Estate Tamarindo

Hotel Pueblo del Sol, Bungalows with Ocean View in Tamarindo $890,000, more info