A new law was enacted this year amending the previous property tax (IVSS) statute. Beginning in 2004, all unbuilt urban lots will be taxed 1% per annum. Dwellings valued at more than RD$3,000,000 will also be subject to a 1% annual tax but only on the amount in excess of RD$3,000,000. For example, a RD$5,000,000 house will be taxed RD$20,000 pesos annually (1% of RD$2,000,000).
By the way, I have obtained details of the new law from a secondary source. The government?s official gazette is months behind.