Published new appraisals of real estate with effect from January 1, 2016

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The Internal Revenue Service (SII) reports that as of February 15, 2016, information portals reavalúos farm real estate and non-agricultural corresponding to sites has not been built and abandoned properties lastreros wells are available for consultation, located in urban areas.

Indeed, since 1 January this year, IBS adjusted valuations for some farms and non-agricultural land in the country (only sites has not been built and abandoned properties lastreros wells), which is reflected in the quotas 1 2 of 2016.

In the case of farms, this measure reaches 866,557 farms, the rate for the calculation of taxes, decreased from 1% to 0.86% of the valuation affection and the exempt amount of contributions (Free Land Tax) increases 30.98% as of January 1, 2016. This increase corresponds to the average variation experienced appraisals of farms from the previous process conducted in 2009.

Meanwhile, the rate for non-agricultural real estate related sites has not been built and abandoned properties lastreros wells, located in urban areas, is 1.204%.

It is necessary to reiterate that the reassessment does not only affect agricultural sites has not been built and abandoned properties lastreros wells, located in urban areas, covering 117,294 real estate. This calculation is performed annually, as stated in Law No. 17,235, article 3.

The rates indicated above, are set by the Supreme Decree No. 1 of 04.01.2016, the Ministry of Finance, which was the subject of acknowledgment by the Comptroller General of the Republic, on Friday 5th February and published in the Official Gazette on February 12 just past.

In addition to the display of appraisals roles in each of the municipalities, the IRS will send personalized letters to taxpayers affections, with the value of the new appraisal and how it impacts this setting in their property taxes. In addition, this same information is already available in sii.cl, Properties menu.

Along with the above, taxpayers can report this extent information centers and Taxpayer Service, available at the offices of the SII; Offices assessments should SII and SII Convention Offices / Municipalities supporting the Territorial Tax Administration and through the Telephone Assistance Bureau (February 2395 number 1115).