P.R. Laws tit. 21, § 5204
Every person bound to file a tax return on personal property shall include in it all of his/her personal property subject to taxes according to the law and shall compute the tax on the basis of its book value by the 1st of January of each fiscal year for which the tax is computed. When the book value of the personal property is minimal, as established by regulations, the same shall be appraised for its estimated residual value. Said residual value shall fluctuate between ten percent (10%) and twenty percent (20%) of the original cost of the property.
All of the above notwithstanding, if the book value of the personal property does not reasonably reflect its market value, the same shall be appraised at its market value.
History —Aug. 30, 1991, No. 83, § 6.04.