Ley 242 de 1995 | Ley 242 de 1995 — Colombia law | Esheria

Ley 242 de 1995

This provision is the preamble/title of Law 242 of 1995, stating that it changes some rules on using the prior year’s consumer price index growth as a factor for adjusting values and adds other provisions.

Jurisdiction
Colombia
Instrument
Act or statute
Citation
Ley 242 de 1995
Version
Undated source snapshot
Language
es
Updated
Official source
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actualización de multas ajuste de avalúos catastro consumer price index indexation inflación inflation inflation adjustment lease administration monetary values price indexation reajuste anual regulatory compliance regulatory valuation rent adjustment

Statute overview

About this statute

This provision is the preamble/title of Law 242 of 1995, stating that it changes some rules on using the prior year’s consumer price index growth as a factor for adjusting values and adds other provisions. This article changes how certain legal values are adjusted: instead of using past consumer price index behavior, it uses the inflation target and sets how the national, district, municipal, and departmental governments must consider that target when issuing rules. This article defines IPC, inflation, inflation target, and values for the purposes of the law. When public authorities issue rules updating legally determined values, they must consider the inflation target; for prior-year calculations they must use Dane’s recorded inflation for past years and the current inflation target for the current year. Se cambia la regla de reajuste anual de multas y sanciones: ya no se usa la inflación del año anterior, sino la meta de inflación del año en que se haga el reajuste.

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