Property taxes in Mexico – how much is it going to cost me?
Many of us, whether we come from the United States or from Canada, automatically assume that we have a pretty good idea of what property taxes will cost us when owning a home in Mexico. Of course we base that on what we are used to paying back home – and depending on where you are from, that amount can be a huge factor to consider when purchasing a vacation or retirement home.
Property Taxes in Mexico
Whether you are considering a permanent move to Mexico to ensure that your nest egg goes a little further, or are wanting to generate a little income from a rental property, or simply want a place to spend a couple weeks or months a year, the amount paid in property taxes will definitely have an influence in your decision making process. Obviously in the case of a rental, the property taxes can affect your ROI and if you are on a fairly strict retirement budget, the taxes can affect how much house you can actually afford and still live within your budget constraints.
The good news is that property taxes in Mexico are quite low. But how low?
Let me give you an example…
We have a 2 story, 95 sq meter town home available in a brand new area of town for about $125K. The property tax bill for this property is under $150 per year. No, that’s not a typo. Per YEAR.
Another example is a 2 bedroom, 2 bath condo near the center area, priced at $110,000. The property taxes on that particular unit are right about $75 per year.
Check out this quick video regarding property taxes in Mexico…
So there you have it, fellow Canadians. Property taxes in Mexico are nearly a non-issue.
Combine low taxes with lower actual property prices, generally lower strata fees and you have a great advantage when buying property here.