There are property taxes in Mexico, but they're often much lower than what you'd pay in the U.S. In Mexico, there are three types of property tax:
Acquisition tax: 2% tax charged when you buy a home
Annual property tax: Charged yearly, known as predial
Capital gains tax: Charged when you sell a property
When it comes to annual property taxes, many Mexican states use a property's assessed value, which is often lower than the property's market value. As a result, taxes are lower.