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Costa Rican Lawmakers Approve New Property Tax,
by Leroy Baker, Tax-News.com, New York
Monday, November 17, 2008
Legislative approval has been given to a new property tax scheme in Costa Rica, which will
see houses over a certain value subject to greater tax burdens.
Under the current property tax regime, all houses within the country over the
value of USD18,600 are required to pay an annual 0.25% levy. However, in a bid to generate
extra revenue, the government has decided to impose a higher rate on properties with a value
of USD200,000 or more.
When the new scheme commences in January of next year, nearly 7,000 Costa Rican
properties will be subject to the new tax rates, which will stand somewhere between 0.25% and 0.55%, depending upon the value of the property
in question.
The aim of the property tax reform is to try and raise around USD17.6m, which
will then be ploughed back into the country's deprived neighbourhoods
in an attempt to improve the living conditions of low-income households and possibly
even eliminate Cost Rica's shantytowns altogether.
Under the new regime (which has not yet been signed into law by the country's President, Oscar Arias), individuals will be required to
pay the new tax within the first 15 days of the year.
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