Politics · Mexico · 7 hrs ago

Mexico’s new property records law takes effect

Mexico’s new property records law takes effect

Mexico’s new law on property records took effect on Saturday, after its publication in the Official Gazette.

It sets rules for coordination between the federal government, states and municipalities.

The law aims to update and align property records and land registries across the country.

President Claudia Sheinbaum proposed the measure on September 8, and the Chamber of Deputies approved it on October 6 by 324 votes to 107, with one abstention.

Opposition lawmakers warn that higher assessed property values could raise tax bills, even if the property tax rate does not change.

Real estate adviser Fernando Soto said updating values could make some bills as much as twice as high, though the law itself does not set a tax increase.

The law is now in force, but the sources do not give a timetable for property value updates.

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What people are saying

Gina Gerardina CampuzanoPAN senator
They do not need to increase the property tax rate for a family to end up paying more: if the cadastral value of a house or plot is updated and that value rises, the tax paid by its owner could also increase.
via El Universal
Fernando SotoProperty adviser
It is clear that although the new law does not speak of an increase in property tax, once it takes effect and the cadastral value of thousands of properties is updated, the property tax bill could even double.
via El Universal