P.R. Laws tit. 21, § 5176
Those lots that are not edified and are producing income, which are affected by the official plans or maps, or by the aboved-mentioned plans and programs recommended by the Planning Board, shall likewise be exempt from all property taxes up to fifty percent (50%) of the appraisal value for taxable purposes if the project indicated in them were to be developed, and no construction can be done on the remainder of the lot because the planning regulations prohibit it. This exemption shall be allowed for the duration of the legal building restriction that caused the exemption. Except for newly-constructed multi-level structures engaged exclusively to the vehicle parking business, the lots that produce income because they are being used for the sale of new or used motor vehicles or the lots that are being used as vehicles parking areas, shall be eligible for the benefits of the exemption provided herein.
History —Aug. 30, 1991, No. 83, § 5.26; Sept. 6, 1996, No. 196, § 3; Dec. 19, 1997, No. 170, § 3.