First debate on draft Law 509
Dulcidio De La Guardia, Minister of Economy and Finance, and Deputy Miguel Salas, both members of the Committee on Economy and Finance, said during the first debate of the law 509, which reforms the property tax in Panama, the main dwelling of each person can benefit from the exemption of property tax for the first $ 120 thousand of property value of the property.
The exemption of $ 120 thousand was only for families according to the original project submitted by the Government.
With these modifications in the first debate of law 509 will be able to benefit from the highest exemption and lower rates the properties that are constituted as main house, regardless of whether it lives in a family, an unmarried couple or a single person.
During the first debate De La Guardia said that the value between $ 120 thousand and $ 250 thousand main dwellings will pay a rate of 0.5%, while the surplus over $ 250 thousand will pay a rate of 0.8%.