Friday 26 February 2021

Property tax on vehicles will decrease 8% for 2019

The owners of 2,391,602 vehicles will feel a relief when paying the property tax on the vehicles for 2019. The Ministry of Finance announced a decrease of 7.76% less over 2018.

Ministerio de Hacienda building in downtown San Jose

The property tax on vehicles is payable by December 31 each year, and included in the annual Marchamo which is collected by the Instituto Nacional de Seguros (INS). The tax represents over 65% of the total cost of the Marchamo,

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For 2019, the General Directorate of Taxation took into account three factors that affected the decrease: the legal depreciation of the vehicle, the accumulated inflation in the last year and the change in the tax burden applied to vehicles.

The collection of the Marchamo begins every year on November 1. However, this year, a dispute between the INS and the Insurance Superintendency over the insurance rate portion of the Marchamo (with represents 20% of the overall cost), has delayed the collection. Until?

To know the tax value of a vehicle and the property tax (not the Marchamo) click here. If the link does not work for you, visit www.hacienda.go.cr, go to Servicios más utilizados (bottom left of the screen) and click on Autogestión .

The Treasury expects to collect ¢175 billion colones from owners of vehicles.

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Source (in Spanish): Ministerio de Hacienda

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FACT CHECK:
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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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