Azuay property-tax values to remain unchanged

The Cantonal Council has decided to leave property tax assessments unchanged from last year although it plans to step up efforts to put more rural properties on the tax roles. Many rural properties are not registered, the council says.

Council member Carlos Orellana voiced concern about the difference between municipal assessments and sales prices of property in the canton. “There have been increases of 20% to 40% in sales costs in recent years and we worry that this restricts the market for many buryers,” he said. Even in residential neighborhoods in Cuenca, he said, per meter costs are approaching $400 and $500. “With these costs, it is not practical to building family homes. This is why so much property is being purchased for condominium projects.”