Catching up on “upscale” property revaluation

PROPERTY revaluation in some upscale areas of Panama has not been performed for decades says Finance Minister Frank De Lima.

The current revaluation implemented by the Ministry of Economy and Finance has been ongoing for two years despite the fact that various neighborhood groups, business associations and others have expressed their discomfort with the process.

De Lima has repeatedly said that the process will be performed in specific neighborhoods in Panama City and Colon, and that these will be "upscale" areas.
Property owners have only 15 days to appeal a revaluation, which impacts their tax rates.