Property ownership in the Dominican Republic is a goal for many individuals. However, it is essential to understand the financial responsibilities that accompany such ownership. One of the primary considerations is property taxes.
In the Dominican Republic, property taxes are calculated based on the assessed value of the property. The country offers several tax benefits for property owners compared to many other Caribbean islands and Latin American countries.
The current tax rate is 1% of the assessed value. However, properties valued below a certain threshold are exempt from these taxes.
Key Considerations:
Payment Deadlines:Â Property taxes are typically due annually, with options for installment payments in some cases.
Exemptions: Certain properties may qualify for tax exemptions or reductions. These include properties owned by senior citizens or those used for agricultural purposes.
Local Regulations: Property tax rates and deadlines can vary between municipalities. It is crucial to be aware of the specific regulations in your area.
With a robust economy and stable political climate, the country has experienced significant economic growth in recent years. This growth has led to increased property values and attractive investment opportunities.Â
Need assistance?Â
Our property management specialists at Calisto can provide assistance in understanding and managing these financial obligations. Contact Us today and learn how you can maximize your investment in the Dominican Republic.
For more information on property taxes, visit the official website of the Dirección General de Impuestos Internos (DGII):
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