Costa Rica lawmakers pass new property tax
Owners of properties worth more than about $182,000 will soon pay a new graduated tax, the first fiscal reform since President Oscar Arias took office in May 2006.
Approved by lawmakers yesterday morning, the tax will raise an estimated ¢9.7 million ($17,000) a year to fund the state´s efforts to rebuild substandard housing, according to an estimate by the National Assembly´s budget analysis department.
The bill, which will take effect once Arias signs it, imposes an annual 0.25 percent tax on properties worth between ¢100 million ($182,000) and ¢250 million ($454,500). The tax increases with the property´s value, up to a 0.55 percent levy on properties worth more than ¢1.5 billion ($2.7 million).
The taxes must be paid in the first 15 days of each year. Properties belonging to the government, public institutions, churches and non-profit organizations are exempt.
The revenue will go to the National Housing Mortgage Bank (BANHVI), which offers grants to poor families looking to rebuild their homes and neighborhoods. About 40,000 families live in substandard housing in Costa Rica, according to BANHVI spokeswoman Susan Otárola.
You may be interested
Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)Alejandro Zúñiga - April 18, 2019
Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…
Costa Rica holds Maduro regime responsible for diplomat’s safetyAFP and The Tico Times - April 18, 2019
The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…
Venezuela withdraws diplomatic credential from Costa Rican diplomatAFP and The Tico Times - April 17, 2019
Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…