Quote:
Originally Posted by nycgirl
I live in nyc, and own a condo in santo domingo. I was told there is not an annual property tax. is this true? my property is well below 3,000,000. rd
and how much of an ordeal is it to sell?
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If the condo's government appraised value is below the 5,000,000 threshold, then you're exempt.
From
Guzman Ariza's Tax Overview:
Real Property Tax
A 1% annual tax is assessed on any real property owned by individuals, based on the value of the property as appraised by the government authorities. (Articles 1 to 3 of Law #18-88). Properties are valued without taking into account any furniture or equipment to be found in them. For built lots, the 1% is calculated only for values exceeding RD$5 million pesos. For unbuilt lots, the 1% tax is calculated on the actual appraised value without the RD$5 million pesos exemption. Individuals must pay this tax every year on or before March 11, or in two equal installments: 50% on or before March 11, and the remaining 50%, on or before September 11.
The RD$5 million pesos threshold is adjusted annually for inflation.
The following properties are exempt from this tax:
(1) Built properties valued at RD$5,000,000 or below.
(2) Farm properties.
(3) Properties whose owners are 65 years old or older, who have owned it for more than 15 years and have no other property in their name.
(4) Properties subject to the Tax on Assets.
(618)
An Overview of Dominican Tax Law
