P.R. Laws tit. 21, § 5180
The property tax corresponding to Fiscal Year 1992-93 and subsequent fiscal years levied on any property whose appraisal value for tax purposes does not exceed $10,000 (one hundred thousand dollars ($100,000) for fiscal years 2009-10, 2010-2011, and 2011-12) and which was acquired or built to be used as a home by any person displaced from his/her residence in a zone in decay or in a slum as the result of any urban renewal and housing development or public improvements project or any government action, shall be reduced by seventy-five percent (75%) of its total for a term of ten (10) years, and by fifty percent (50%) of its total for an additional term of five (5) years as of the date it is registered in the Property Registry in the name of said person or when said person’s ownership is registered.
For the purposes of this section, “acquired or constructed to be used as a home” shall be understood to be any structure that on the 1st of January of each year is being used, or is available for use as a dwelling by its own owner with his/her family, if any; including the lot where said structure is located in the case of property located in the urban zone, and in the case of properties located in the rural zone, the parcel where the structure is located up to a maximum capacity of one cuerda. The condition of being a “person displaced from his/her residence by the development of any urban renewal, housing or public improvement program or by any government action” may be verified only through the presentation to the Collection Center of a certificate to such effects authorized by the Housing Department of Puerto Rico.
The tax reduction granted by the provisions of this section shall cease as soon as the buyer or the builder conveys the property or ceases to reside in the property subject of this reduction, or fails to comply with the zoning regulations in effect.
History —Aug. 30, 1991, No. 83, § 5.30; Mar. 9, 2009, No. 7, § 64; July 10, 2009, No. 37, § 34.