Taxes to real estate are applied to the value of the land and all registered improvements. The standard rate of tax to real estate begins with a value of $30,000 up to $50,000 with a rate of 1.75%, between $50,000 and $75,000 the rate is of 1.95% and everything valued for more than $75,000 dollars gets a rate of 2.1%. There is another “progressive alternative” rate that is applied to existent properties in good condition, when the taxpayer submits an affidavit for a new value based in a valuation made by a certified company. The properties with occupation permits issued before July 1, 2012 will be thusly taxed, as long as the improvements were submitted in the Public Registry before July 1, 2011; also a new building with construction permits issued after July 1, 2010 with registered improvements within the period of one year after the issuance of the occupation permit.

Additionally, the value of the land must be updated if more than 5 years have passed from the moment of the registration of improvements. This rate is of 0% up to $30,000 for the land and the value of the improvements and 0.75% between $30,000 and $100,000 and from $100,000 and on the rate is of 1%. The plots where the buildings of condominiums are incorporated as “horizontal property”, with a proportional value of the land of the owner of the condominium that does not exceed $30,000 will have a rate of 0%. Otherwise, the land will be taxed with a rate of 1%.