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Puerto Rico Property Taxes, here you have more information on this wild subject, I hope it clears information for you and helps you!
Puerto Rico Property Taxes – Transcript
Hello and welcome to Puerto Rico legal blog. My name is Santiago Lampón, a real estate lawyer and notary in Puerto Rico. Puerto Rico Property Taxes. When people hear property taxes they run away, they get scared. I understand it. Sometimes I do myself because of the way Puerto Rico property taxes work or should I say do not work. I am going to clear some of the misunderstandings in the few short minutes with you.
Number one: The records for Puerto Rico property taxes are separate, are independent from title. So you have the Puerto Rico property registry for titles and the Puerto Rico property authority or agency for property taxes. They are separate records. They are now trying to talk to each other but it is not working perfectly yet. So the number one thing that you have to understand when dealing with Puerto Rico property taxes is that what you file, or someone files on your behalf for closing at the Puerto Rico property registry they didn’t necessarily make it into the property tax agency. Or if it made it maybe it was not handled properly. There are times and they are a lot of times when they records at the property tax authority are perfect. Why? In recent years with new programs and systems that they have been establishing, is getting a lot better. But still there are some things that need to be fixed. The other thing you need to understand is that in Puerto Rico unfortunately the property tax authority or agency is not necessarily as proactive in getting things done as you are probably used to where you come from.
Take for example the state of Florida. In the state in Florida the property tax is “chuf”. The property changes values “chuf”. They are maybe a little bit slow in coming down but it is more fluent with market changes. In Puerto Rico it isn’t like that. In Puerto Rico we are using market values for many, many years. You still, I like the way it is done in the United States, people really pay attention to the property taxes, that the information is correct, that the information is properly recorded, that your name is there, that all accounts are up to date and that is the way it should be done. That is the way I encourage my clients to do it, that is the way we handle it when we handle closings. So if you have issues with property taxes in Puerto Rico I understand, you must be concerned. I would be too. I just want to give you a little bit of hope and understanding that it is manageable. Again thank you for watching this video. Again my name is Santiago Lampón; I am a real estate lawyer and notary in Puerto Rico.
If you have any questions, send me an email, give me a phone call and I hope you have a great day.