I have a deal working on a condo purchace in the Barvaro (Punta Cana) area. I was told there would be no annual property tax on this condo but after researching here I think there is the possibility of being taxed. I have learned the authorties do not send tax bills but, if I owe tax and do not pay the tax accrues as well as monthly penalties. Does anyone know the real cut off limit on propertys for avoiding tax? I have read that a formula exists to determine the value of a property and based on the results the authorties will tax the property, or not tax if it falls below certain value limits.
Another question I have is:
When laws are passed in the DR is the 'grandfathering' process used? In other words, if I am not liable for tax now what happens if a new law is passed. Would I be safe because I purchased before the law or would I have to pay tax according to the new law?
Any help is appreciated.
jj
Another question I have is:
When laws are passed in the DR is the 'grandfathering' process used? In other words, if I am not liable for tax now what happens if a new law is passed. Would I be safe because I purchased before the law or would I have to pay tax according to the new law?
Any help is appreciated.
jj