APRIL FOOLS’ day this year will see  the taxes of 1,248 properties dropping back to the level  they had before a reappraisal conducted during the administration of Ricardo Martinelli.

The information was comes  from the Ministry of Economy and Finance, citing a decision by the Land Authority Aministración (Anati).

"The adjustments of the values ​​of real estate, made as established in the Decentralization Law approved in 2015, which repealed the reavaluations , should be reflected in its  entirety in the statements of taxpayers from  April 1   says a DGI  statement.

In cases where the taxpayer has paid the property tax based on the re evaluations,  the tax collector (DGI)  will give a tax credit.

"Another option is a tax refund for which the taxpayer must send a formalized request to the DGI," says the notice.

In the administration of Martinelli, the MEF updated the value of about 14,000 properties  arguing that they were located in high-income neighborhoods, however,they did not consider the  properties of Martinelli  and his family in Altos del Golf, which in December 2013 were recorded as $290 000 but their  commercial value was estimated at $4 million, reports La Prensa.

Criticism of the anomaly  forced the Executive to reconsider the measure, but it  did not exempt the owners of properties  already revalued in El Carmen, Punta Pacifica, via Spain, Paitilla and Costa del Este.