On December 6th, 2018, the Council of Bogotá issued Bill 724 which established the collection of a betterment levy in the city of Bogotá, specifically to owners of real estate in neighborhoods categorized based on the conditions of the area and the value of the asset as “stratum” 4, 5 and 6 that are within the 3 zones determined by the administration.
Through the collection of the betterment levy, the administration seeks to collect about $906,000 million pesos for the development of 16 public constructions that seek to benefit 2.5 million locals.
Nonetheless, since its issuance, various lawsuits have been filed against the Bill. In this sense, on March 4, 2019, the National Federation of Merchants filed a lawsuit requesting an emergency precautionary measure to suspend the collection of the betterment levy in Bogotá.
For now, is still pending the decision that will finally define the future of the above-mentioned betterment levy.
As of February 2019, the Urban Development Institute (IDU for its acronym in Spanish) reported that more than 3,000 locals had already made the corresponding payment of the betterment levy in the city.